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Mittal: Some want IBC to be scuttled
After years of trying to get a foothold in India through a greenfield project and almost getting it via a brownfield acquisition, the world’s largest steelmaker ArcelorMittal on Tuesday castigated corporate rivals for trying to sabotage its takeover bid of Essar Steel under the new bankruptcy rule.
By
migrator
migrator
New Delhi
“It appears there are certain parties in India who would like that the Insolvency and Bankruptcy Code (IBC) not be implemented according to the law.
“The IBC was introduced for a very serious reason - to address a major problem with bad loans. If the law is not implemented correctly and the rules are flouted, as suggested by some, this sends a negative signal about the certainty of India as an investment destination,” ArcelorMittal India tweeted.
The outburst of the company headed by NRI Lakshmi Niwas Mittal, is significant as it follows the decision by India’s largest lender State Bank of India (SBI) to put on sale its entire loan exposure of Rs 15,431 crore in bankrupt Essar Steel, which is undergoing resolution proceedings since August 2017, much beyond the mandatory 270 days allowed under the IBC.
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