SSG Capital Management mulls over buying stake in Bhushan Steel
DSIJ Intelligence / 31 Jul 2017
Hong Kong-based asset management firm, SSG Capital Management, has displayed in acquiring a stake in the debt-laden steel major Bhushan Steel, reported a leading business news agency.
Hong Kong-based asset management firm, SSG Capital Management, has displayed in acquiring a stake in the debt-laden steel major Bhushan Steel, reported a leading business news agency. As of March 31, 2017, Bhushan Steel’s total debt stands at around Rs 42,355 crore.
Bhushan Steel is on the RBI’s list of 12 bad accounts that have been identified for immediate proceedings under Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT) has recently approved the start of insolvency proceedings against Bhushan Steel. The NCLT on July 26 allowed banks to initiate insolvency proceedings against Bhushan Steel.
NCLT has appointed Vijay Kumar Iyer as an interim resolution professional (IRP) for Bhushan Steel. However, SSG have to wait for the IRPs to come up with any resolution plan for the company’s NPAs. There is a 180- day timeline for deciding a resolution plan which can be extended up to 270 days.
The country’s largest lender, State Bank of India (SBI), has claimed recovery of around Rs 4,295 crore from Bhushan Steel.
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