Intelligence note
Admitted to insolvency on 21 Jul 2017 by the Kolkata bench, on a petition by State Bank of India (a financial creditor). A resolution plan was approved on 17 Apr 2018, 270 days after admission (median for resolved cases: 631 days). Creditors realise 38.11% of Rs 13,958.36 Cr admitted claims - a haircut of 61.9% against a median of 77.1% across resolutions. The plan is worth 183.5% of the liquidation value of Rs 2,899.98 Cr, so creditors did better than a break-up sale.
◆ Flagged as the dominant case of the quarter — 17.29% of resolved claims.
Claims at a glance
FC 94%
OC 6%
Total admitted Rs 13,958.36 Cr
Case details
CIN
L27310JH2006PLC012663
Incorporated
2006
Registered State
Jharkhand
NCLT Bench
Kolkata
Petition
C.P. (IB) No. 361/KB/2017
Initiated by
FC — State Bank of India
Commencement
21 Jul 2017
Outcome Date
17 Apr 2018
Admitted Claims
Rs 13,958.36 Cr
Liquidation Value
Rs 2,899.98 Cr
Realisable Amount
Rs 5,320.00 Cr
Recovery vs Claims
38.11%
Recovery vs LV
183.5%
NCLT Kolkata: median 440 days admission → verdict · 34% of concluded matters ended in plan approval (n=531, full record) · all benches →
Recent movement
17 Apr 2018
Resolution plan approved
Haircut 61.89%
05 Sep 2018
Dismissed
NCLAT appeal
04 Oct 2018
Dismissed
NCLAT appeal · CA AT NO 602 2018
Valuations & recovery
Liquidation value
Rs 2,899.98 Cr
Recovery vs liquidation value
183.5%
Case timeline
21 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Kolkata
During process
Resolution Professional
Dhaivat Anjaria
09 Mar 2018
NCLT order
CA IB NO 173 KB 2018 IN CP IB NO 361 KB 2017
20 Mar 2018
NCLT order
17 Apr 2018
Resolution plan approved
Haircut 61.89%
05 Sep 2018
Dismissed
NCLAT appeal
04 Oct 2018
Dismissed
NCLAT appeal · CA AT NO 602 2018
9 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
20 Dec 2006
Authorised capital
Rs 10,020.00 Cr
Paid-up capital
Rs 1,849.03 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Ranchi
Company status
Active — company survived resolution
Registered address
ESL Steel Limited, Village -Siyaljori, Post �?? Jogidih, O.P. �?? Bangaria, PS- Cha,ndankyari,Bokaro Steel City,Bokaro,Jharkhand,828303-India
Claims profile
Admitted claims by creditor class
FC 94%
OC 6%
CLASS
ADMITTED
Financial creditors
Rs 13,175.14 Cr
Operational creditors
Rs 783.22 Cr
Total
Rs 13,958.36 Cr
Sources, basis and disclaimers → ·
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This case vs Steel & Metals
Haircut61.9%
typical for this sector 81.6% · median of 155
Recovery vs liquidation value183.5%
typical for this sector 121.6% · median of 152
77% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution270 days
typical for this sector 555 days · median of 157
Size rank in sector#3 of 157
Key parties
Resolution Professional
Dhaivat Anjaria
IRP at commencement
Dhaivat Anjaria → · Jul 2017
CIRP initiated by
State Bank of India FC
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