NEW DELHI: Electrosteel Steels Ltd on Thursday said that Rs 5,320 crore has been remitted to its financial creditors as per the resolution plan approved by the National Company Law Tribunal (NCLT).
The NCLT had, in April this year, approved the resolution plan submitted by Vedanta Ltd for Electrosteel Steels, making it first among 12 large stressed accounts identified by RBI last year for resolution under the Insolvency and Bankruptcy Code.
“The upfront payment of INR 5,320,00,00,000 has been remitted to the financial creditors from the escrow account as per the approved resolution plan,” Electrosteel Steels said.