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The remarkable case of Essar Steel: how it turned around operationally during the insolvency process

Resolution professional Satish Gupta and US turnaround specialist Alvarez & Marsal (A&M) played a key role in Essar Steel’s insolvency resolution, which paved the way for lenders to recover INR42,000 crore. ET Prime documents how Gupta and A&M deftly steered the company through the crisis, cut costs, and improved operational efficiencies during the resolution process to win over potential buyers.
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19 Dec 2019 11 Mins Read 18 comments
A flag-hoisting ceremony at ArcelorMittal-Nippon Steel
A flag-hoisting ceremony at ArcelorMittal-Nippon Steel
By Satish John and Vatsala Gaur It was a litmus test for the Insolvency and Bankruptcy Code (IBC). Lenders had wanted a resolution for Essar Steel on priority. It was, after all, among the 12 big loan defaulters listed out by the Reserve Bank of India in 2017 for immediate referral to the National Company Law Tribunal (NCLT). The resolution
its bankruptcy law in 1986. So, there's a lot of learning there and the Indian team tapped into that. For A&M, the Indian sojourn after 10 years in the country is getting busier. Apart from Essar, they also advised Vedanta in acquiring Electrosteel and Aion, and JSW Steel in the Monnet Steel deal. ( Graphic by Abdul Shafiq)
By Satish John and Vatsala Gaur It was a litmus test for the Insolvency and Bankruptcy Code (IBC). Lenders had wanted a resolution for Essar Steel on priority. It was, after all, among the 12 big loan defaulters listed out by the Reserve Bank of India in 2017 for immediate referral to the National Company Law Tribunal (NCLT). The resolution its bankruptcy law in 1986. So, there's a lot of learning there and the Indian team tapped into that. For A&M, the Indian sojourn after 10 years in the country is getting busier. Apart from Essar, they also advised Vedanta in acquiring Electrosteel and Aion, and JSW Steel in the Monnet Steel deal. ( Graphic by Abdul Shafiq)

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