Intelligence note
Admitted 21 Jul 2017 by the Kolkata bench on a petition by State Bank of India (a financial creditor). Plan from Vedanta Limited approved 17 Apr 2018, 270 days after admission (resolved-case median: 630 days). Creditors realise 38.11% of ₹13,958.36 Cr admitted; haircut 61.9% (median 78.0% across resolutions). That is 183.5% of liquidation value (₹2,899.98 Cr), better than a break-up sale.
Bought by Vedanta Limited through Vedanta Star. On 27 Nov 2019 the Supreme Court sent the operational creditors' question back to the NCLT without staying the plan; on 28 Jun 2022 the NCLT found that operational creditors with ₹783.41 Cr of admitted claims had not been placed on a fair footing. The company now trades as ESL Steel Limited.
Bought by Vedanta Limited through Vedanta Star. On 27 Nov 2019 the Supreme Court sent the operational creditors' question back to the NCLT without staying the plan; on 28 Jun 2022 the NCLT found that operational creditors with ₹783.41 Cr of admitted claims had not been placed on a fair footing. The company now trades as ESL Steel Limited.
Claims at a glance
FC 94%
OC 6%
Total admitted ₹13,958.36 Cr
Case details
CIN
L27310JH2006PLC012663
Incorporated
2006
Registered State
Jharkhand
NCLT Bench
Kolkata
Petition
CP (IB) 361/KB/2017
Initiated by
FC — State Bank of India
Commencement
21 Jul 2017
Outcome Date
17 Apr 2018
Admitted Claims
₹13,958.36 Cr
Liquidation Value
₹2,899.98 Cr
Realisable Amount
₹5,320.00 Cr
Recovery vs Claims
38.11%
Recovery vs LV
183.5%
NCLT Kolkata: median 434 days admission → verdict · 34% of concluded matters ended in plan approval (n=533, full record) · all benches →
Recent movement
20 Mar 2018
NCLT order
17 Apr 2018
Resolution plan approved
Acquired by Vedanta Limited
Haircut 61.89%
Haircut 61.89%
5 Sep 2018
Dismissed
NCLAT appeal
4 Oct 2018
Dismissed
NCLAT appeal · CA AT NO 602 2018
28 Jun 2022
Plan sent back to the CoC to consider operational creditors' claims
NCLT order read the order ↗
Valuations & recovery
Liquidation value
₹2,899.98 Cr
Recovery vs liquidation value
183.5%
The plan
Successful applicant
Vedanta Limited
Case timeline
21 Jul 2017
CIRP commenced
Insolvency proceedings began · NCLT Kolkata
During process
Resolution Professional
Dhaivat Anjaria
9 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
Acquired by Vedanta Limited
Haircut 61.89%
Haircut 61.89%
5 Sep 2018
Dismissed
NCLAT appeal
4 Oct 2018
Dismissed
NCLAT appeal · CA AT NO 602 2018
28 Jun 2022
Plan sent back to the CoC to consider operational creditors' claims
NCLT order read the order ↗
9 months elapsed · admission → resolution
Company
Type
Public · Company limited by shares
Listing
Unlisted
Incorporated
20 Dec 2006
Authorised capital
₹10,020.00 Cr
Paid-up capital
₹1,849.03 Cr
Industry (MCA)
Manufacturing (Metals and Chemicals, and products thereof)
ROC
ROC Ranchi
Company status
Active
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
₹13,175.14 Cr
Operational creditors
₹783.22 Cr
Total
₹13,958.36 Cr
Sources, basis and disclaimers → ·
report an error
This case vs Steel & Metals
Haircut61.9%
typical for this sector 82.0%
Recovery vs liquidation value183.5%
typical for this sector 121.3%
78% of resolutions in this sector recovered more than their liquidation value — this one did.
Time to resolution270 days
typical for this sector 553 days
Size rank in sector#4 of 170
Key parties
Resolution Professional
Dhaivat Anjaria
IRP at commencement
Dhaivat Anjaria · Jul 2017
CIRP initiated by
State Bank of India FC
Resolution applicant
Vedanta Limited
Get full access
Weekly intelligence digest, RP tracker, live case movement and sector analysis for ARCs, PE funds and resolution professionals.
Apply for access →That was the whole dossier — nothing held back, because this is one of our landmark cases.
Or buy any single company outright for ₹1,799 — yours permanently, and credited in full against your first month if you subscribe within 30 days.