Alvarez & Marsal appointed admin for Essar Projects
, ET Bureau|
Jan 08, 2018, 10.44 AM IST
MUMBAI: Lenders have appointed Deloitte India as administrator for Monnet Power and Alvarez & Marsal for Essar Projects, two senior banks executives said on condition of anonymity.
Monnet Power and Essar Projects are among the companies that the Reserve Bank of India had directed banks in August to refer to the bankruptcy court if they failed to come up with resolution plans by the end of 2017.
Essar Projects and Monnet Power, both privately held, together owe more than Rs 6,000 crore. SBI, which is the lead bank for both companies, will refer both the cases to the National Company Law Tribunal by next week.
Deloitte India, which is into advisory and audit business, will appoint its affiliate as interim resolution professional for Monnet Power, which is 85 per cent owned by Sandeep Jajodia-promoted Monnet Ispat.
Alvarez & Marsal, which specialises in turnaround of stressed companies, will appoint its affiliate person as interim resolution professional for Essar Projects, which is an engineering, procurement and construction (EPC) company wholly-owned by the Ruais of Essar Group.
Monnet Power and Essar Projects are among the companies that the Reserve Bank of India had directed banks in August to refer to the bankruptcy court if they failed to come up with resolution plans by the end of 2017.
Essar Projects and Monnet Power, both privately held, together owe more than Rs 6,000 crore. SBI, which is the lead bank for both companies, will refer both the cases to the National Company Law Tribunal by next week.
Deloitte India, which is into advisory and audit business, will appoint its affiliate as interim resolution professional for Monnet Power, which is 85 per cent owned by Sandeep Jajodia-promoted Monnet Ispat.
Alvarez & Marsal, which specialises in turnaround of stressed companies, will appoint its affiliate person as interim resolution professional for Essar Projects, which is an engineering, procurement and construction (EPC) company wholly-owned by the Ruais of Essar Group.
