SBI had earlier rejected Uttam Galva’s offer to repay 51% of its debt because under that proposal, it would have had to wait until 2042 for the last instalment. On Monday, lawyer J.P. Sen representing Uttam Galva Steels informed the Mumbai bench of the National Company Law Tribunal (NCLT) that the company was willing to repay all its debt. He said some overseas investors were willing to invest in Uttam Galva and hence, the company is seeking a small window to arrange the amount. SBI filed an bankruptcy petition against Uttam Galva after the company defaulted on Rs1,486 crore of the total outstanding of Rs1,832 crore. Uttam Galva is part of Reserve Bank of India’s second list of defaulters, against whom the central bank had directed swift action.
Source: Mint April 16, 2018 15:00 UTC