Indian Steel Corporation had incurred a financial debt of over ₹2,700 crores.
On an application by India Resurgence ARC, NCLT initiated corporate insolvency resolution process (CIRP) against ISC in October 2021.
After 6 meetings, the Committee of Creditors approved the resolution plan of AM Mining on April 27, 2022, by a vote of 100%.
AM Mining is a joint venture between Arcelor Mittal Luxembourg and Nippon Steel Corporation, Japan.
As on March 31, 2021, its authorized share capital was ₹2,400 crores and paid up share capital was ₹790.19 crores.
AM’s net worth as certified by its statutory auditor, was ₹2,425.71 crores.
Source: Barandbench
