Essar Steel posts EBITDA of Rs 2K cr, may ‘utilise funds’ towards financial creditors’ claims


Essar Steel posts EBITDA of Rs 2K cr, may ‘utilise funds’ towards financial creditors’ claims

Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.

In an affidavit before the National Company Law Appellate Tribunal (NCLAT) last week, Arfin India — an operational creditor of Essar Steel — has submitted that details pertaining to the debt-laden firm’s EBITDA (earnings before interest, tax, depreciation and amortisation) were disclosed by the Committee of Creditors (CoC), comprising mainly financial creditors, in the special leave petition (SLP) filed before the Supreme Court.

The CoC had challenged the orders of the NCLAT of March 18 and March 20 before the Supreme Court by filing an SLP. The NCLAT in its orders had asked the resolution professional of the company to call a fresh meeting of the CoC to consider  Read More

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