FM sees light at end of Essar, Bhushan insolvency tunnel


FM sees light at end of Essar, Bhushan insolvency tunnel

Asserting that the “early harvest” through the Insolvency and Bankruptcy Code (IBC) has been “extremely satisfactory”, Finance Minister Arun Jaitley has said that he expects 12 big cases such as Bhushan Power and Essar Steel to get resolved before the end of March, realising around 70,000 crore for creditors.

Both Bhushan Power and Essar Steel are at “advanced stages” of resolution, Jaitley said in his Facebook blog post titled Two Years of Insolvency and Bankruptcy Code.

So far, within two years of the IBC coming into being, 66 cases have been resolved, with creditors realising around 80,000 crore, Jaitley said.

Bhushan and Essar

While Bhushan Power had an outstanding debt of 47,000 crore, Essar Steel’s outstanding was 45,600 crore. Both were part of the Reserve Bank of India’s ‘dirty dozen’ list. Read More

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