Intelligence note
The largest of RBI's twelve large accounts referred to insolvency in June 2017. Admitted claims of 54,565 Cr against a liquidation value of 15,838 Cr. ArcelorMittal's plan, implemented through a joint venture with Nippon Steel, was approved by NCLT Ahmedabad on 8 Mar 2019, modified by NCLAT in Jul 2019 on FC-OC distribution, and finally settled by the Supreme Court on 15 Nov 2019, which restored the CoC-approved distribution and affirmed the committee's commercial primacy. The plan closed in Dec 2019 and the company now operates as ArcelorMittal Nippon Steel India. Creditors realised 42,232 Cr, about 77 paise per rupee of admitted claims, still the benchmark large-case recovery under IBC.
Claims at a glance
FC 91%
OC 9%
Total admitted ₹54,565.22 Cr
Case details
CIN
U27100GJ1976FLC013787
Incorporated
1976
Registered State
Gujarat
NCLT Bench
Ahmedabad
Initiated by
FC
Defunct / BIFR
0
Commencement
02 Aug 2017
Outcome Date
08 Mar 2019
Admitted Claims
₹54,565.22 Cr
Liquidation Value
₹15,838.00 Cr
Realisable Amount
₹42,231.78 Cr
Recovery vs Claims
77.40%
Recovery vs LV
266.7%
NCLT Ahmedabad: median 472 days admission → verdict · 31% of concluded matters ended in plan approval (n=434, full record) · all benches →
Recent movement
20 Mar 2024
Rejected
NCLT order · IA NO. 347 of 2024 in Cont. Pet. No. 19 of 2023 & Cont. Pet. No. 20 of 2023 in I read the order ↗
24 Jul 2025
NCLAT appeal
IA No.254/2023 & 6020/2023 in CA (AT) (Ins) No.1038/2020, IA No.705/2022, IA No. read the order ↗
Valuations & recovery
Liquidation value
₹15,838.00 Cr
Recovery vs liquidation value
266.7%
The plan
How the plan pays
·Rs 42,000 crore upfront to creditors plus Rs 8,000 crore capital infusion
·Secured financial creditors paid under the CoC-approved differential distribution, upheld by the Supreme Court over NCLAT's equal-distribution order
·Unsecured financial creditors: about 4 percent of admitted claims
·Operational creditors up to Rs 1 crore, workmen and employees: paid in full
Contested - rival bids
Numetal Ltd -- first-round bidder, held Section 29A-ineligible alongside ArcelorMittal (SC, 4 Oct 2018; ArcelorMittal cured and re-entered)
Vedanta Ltd -- second-round bidder, plans of 2 Apr 2018
Essar promoters -- Rs 54,550 crore settlement offer under Section 12A, rejected
Curated verbatim from the NCLT plan-approval order - the authoritative per-case record. Contingent components pay only if their conditions occur.
Case timeline
02 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
19 Apr 2018
NCLT order
C P I B NO 40 7 NCLT AHM 2017
08 Mar 2019
Resolution plan approved
Haircut 22.60%
29 Apr 2019
NCLAT appeal
20 Mar 2024
Rejected
NCLT order · IA NO. 347 of 2024 in Cont. Pet. No. 19 of 2023 & Cont. Pet. No. 20 of 2023 in I read the order ↗
24 Jul 2025
NCLAT appeal
IA No.254/2023 & 6020/2023 in CA (AT) (Ins) No.1038/2020, IA No.705/2022, IA No. read the order ↗
1 year 7 months elapsed · admission → resolution
Business, promoters & security
Integrated flat-steel producer, one of India's largest, anchored on the Hazira (Gujarat) complex; among the RBI's first list of twelve large accounts directed to insolvency in 2017.
Company
Type
data unavailable
Listing
data unavailable
Incorporated
data unavailable
Authorised capital
data unavailable
Paid-up capital
data unavailable
Industry (MCA)
data unavailable
ROC
data unavailable
Company status
data unavailable
Registered address
data unavailable
No MCA master record matched this CIN yet — fields populate from the next MCA load or manual entry.
Claims profile
Admitted claims by creditor class
FC 91%
OC 9%
CLASS
ADMITTED
Financial creditors
₹49,473.15 Cr
Operational creditors
₹5,092.07 Cr
Total
₹54,565.22 Cr
admitted total/FC/OC from IBBI outcome file (crores); claimed & 9-category pending /claims scrape
Source: IBBI outcome data / Reg 31(5)(d) claims list · crores as filed · admitted "pending" = under collation or verification, not zero.
Committee of creditors
CoC composition not yet recorded for this case. Sourced from NCLT filings — added over time.
About this data: Case data is assembled from NCLT/NCLAT orders, IBBI public announcements, quarterly outcome records and the MCA registry. See how every number is sourced, checked and corrected →.
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This case vs Steel & Metals
Haircut22.6%
typical for this sector 79.3% · median of 155
Recovery vs liquidation value266.7%
typical for this sector 120.5% · median of 152
77% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution583 days
typical for this sector 555 days · median of 157
Size rank in sector#1 of 157
Medians across every recorded Steel & Metals resolution in stressed.in's IBBI universe — the median, not the average, because these distributions are skewed and the average of the recovery ratio is not a meaningful number. The Code sets a 330-day outer limit; 72% of concluded cases exceed it (n=4,557). How these are computed →
Key parties
Resolution Professional
8 IBBI mandates · 262.4% of liquidation value realised across concluded work
Resolution applicant
Not yet recorded — from NCLT resolution-plan order.
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