Monnet Ispat gets a new life lease
Insolvency Proceedings Scenario: In order to tide over the mounting non-performing assets of banks, especially in the power and steel sector, the government legislated Insolvency and Bankruptcy Code (IBC). After one and a half year, lender’s filing cases against defaulting corporate debtor started picking up the pace, but only a few are reaching its desired conclusion and yielding in resolution plan. As per information available (June 2018), 33 cases have successfully resolved the matter by way of resolution plan till date. Amongst them, the bigger names are Bhushan Steel and Electro Steel steels Ltd which are part of 12 companies which were initially recommended by RBI for insolvency proceedings . In these two companies, financial creditors have taken a haircut of 36.51% and 59.62% respectively. Table 1: Top 10 Cases Resolved under the IBC (All figs in INR Crores - As of June 2018) Sl. No. Name of Corporate Debtor Total Admitted Claims Admitted Claims of FCs # Liquidati...