Intelligence note
Admitted 2 Aug 2017 by the Ahmedabad bench on a petition by a financial creditor. Plan from ArcelorMittal India Pvt. Ltd. approved 8 Mar 2019, 583 days after admission (resolved-case median: 630 days). Creditors realise 77.40% of ₹54,565.22 Cr admitted; haircut 22.6% (median 78.0% across resolutions). That is 266.7% of liquidation value (₹15,838.00 Cr), better than a break-up sale.
One of the twelve large accounts RBI referred to insolvency in June 2017. NCLAT modified the FC-OC distribution in Jul 2019; on 15 Nov 2019 the Supreme Court restored the CoC-approved distribution and affirmed the committee's commercial primacy. The company now operates as ArcelorMittal Nippon Steel India. Creditors realised ₹42,232 Cr, still the benchmark large-case recovery under IBC.
One of the twelve large accounts RBI referred to insolvency in June 2017. NCLAT modified the FC-OC distribution in Jul 2019; on 15 Nov 2019 the Supreme Court restored the CoC-approved distribution and affirmed the committee's commercial primacy. The company now operates as ArcelorMittal Nippon Steel India. Creditors realised ₹42,232 Cr, 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
Petition
C..P. (I.B) No.39 & 40/7/NCLT/AHM/2017
Initiated by
FC
Commencement
2 Aug 2017
Outcome Date
8 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 465 days admission → verdict · 32% of concluded matters ended in plan approval (n=451, full record) · all benches →
Plan at a glance
The deal
₹42,000 crores to creditors plus ₹8,000 crores of fresh capital: ₹50,000 crore in all
Winning plan
ArcelorMittal India Pvt. Ltd., with 92.24% of the CoC vote
Also in the race: Vedanta (plan submitted), Numetal (ineligible under s.29A)
Also in the race: Vedanta (plan submitted), Numetal (ineligible under s.29A)
Funding
Upfront Fresh Capital Infusion of INR 8,000 crore is through equity shares, equity linked instruments or shareholder loans.
Shares
AM India proposes 100% equity ownership, with existing promoter and public equity/preference share capital extinguished, leaving AM India sole shareholder.
Payout period
Financial Creditors are paid on the Effective Date; upfront capital infusion is made in one or more tranches within 90 days of Tribunal plan approval.
Who gets what (₹ crore)
| Admitted | Provided in the plan | % of admitted | |
|---|---|---|---|
| Financial creditors | – | 42,017.71 | – |
| Operational and other creditors | – | 214.00 | – |
| All creditors | 54,549.89 | 42,231.71 | 77.4% |
All creditors together: about 77 paise for every ₹1 of admitted claims.
Recent movement
29 Apr 2019
NCLAT appeal
4 Jul 2019
NCLAT judgment re-dividing plan money between creditor classes
NCLAT appeal read the order ↗
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
Successful applicant
ArcelorMittal India Pvt. Ltd.
How the plan pays
·Plan pays ₹42,000.00 Cr upfront to creditors plus ₹8,000.00 Cr capital infusion. Secured creditors were paid under the CoC-approved differential distribution, upheld by the Supreme Court over NCLAT's equal-distribution order. Unsecured financial creditors get about 4% of admitted claims.
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 -- ₹54,389 Cr settlement offer under Section 12A, rejected
Case timeline
2 Aug 2017
CIRP commenced
Insolvency proceedings began · NCLT Ahmedabad
19 Apr 2018
NCLT order
C P I B NO 40 7 NCLT AHM 2017
8 Mar 2019
Resolution plan approved
Acquired by ArcelorMittal India Pvt. Ltd.
Haircut 22.60%
Haircut 22.60%
29 Apr 2019
NCLAT appeal
4 Jul 2019
NCLAT judgment re-dividing plan money between creditor classes
NCLAT appeal read the order ↗
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
Personal guarantor proceedings
Insolvency cases against individuals who guaranteed this company's loans. They run separately from the company's own process; a professional named here acts for the guarantor, not the company.
11 Mar 2022
Others in PG case
Order title on IBBI: Arcelor Mittal India Pvt. Ltd. Vs. State Bank of India and Others Interlocutory Application No. 92 of 2022 in Original Application No. 650 of 2018
read the order ↗
read the order ↗
11 Mar 2022
Others in PG case
Order title on IBBI: State Bank of India & Ors. Vs. Prashant S. Ruia Interlocutory Application No. 106 of 2022 in Original Application No. 650 of 2018
read the order ↗
read the order ↗
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.
Petition
C..P. (I.B) No.39 & 40/7/NCLT/AHM/2017
Company
Legal name
ARCELORMITTAL NIPPON STEEL INDIA PRIVATE LIMITED
Type
Private · Company limited by shares
Listing
Unlisted
Incorporated
1 Jun 1976
Authorised capital
₹88,003.01 Cr
Paid-up capital
₹31,517.42 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Ahmedabad
Registered address
Amnshouseamnstownship, 27THKM, Surat-Haziraroad, Hazira, Surat, Surat, Gujarat, 394270, India
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
Sources, basis and disclaimers → ·
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This case vs Steel & Metals
Haircut22.6%
typical for this sector 82.0%
Recovery vs liquidation value266.7%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution583 days
typical for this sector 553 days
Size rank in sector#2 of 170
Key parties
Resolution Professional
11 IBBI mandates · 1 of 2 resolved plans beat the liquidation floor
IRP at commencement
Satish Kumar Gupta → · Aug 2017
Per IBBI's register of insolvency professionals, read 5 Oct 2026
Resolution applicant
ArcelorMittal India Pvt. Ltd.
About the applicant
ArcelorMittal India Private Limited, the Indian arm of the world's largest steelmaker, acquired the company jointly with Nippon Steel in December 2019, after a 28-month contest.
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