Electrosteel Castings Ltd gets favorable order on Elavur Land

Electrosteel Castings Limited had mortgaged its Elavur land in favour of one of the lenders of Electrosteel Steels Limited ('ESL'). Despite the discharge of the entire financial debt of ESL, pursuant to a resolution plan in the Corporate Insolvency Resolution Process ('CIRP') of ESL through a combination of cash and allotment of equity shares, the lender in whose favour the Elavur land was mortgaged sought to assign its alleged loan account in favour of UV Asset Reconstruction Co. Ltd ('UVARCL').

UVARCL filed application at NCLT, Cuttack for initiation of CIRP against the company.

NCLT, Cuttack on 24th June 2022, pronounced the order in favour of the Company by dismissing, UVARCL's application.

Shares of Electrosteel Castings Limited was last trading in BSE at Rs. 28.15 as compared to the previous close of Rs. 27.60. The total number of shares traded during the day was 100034 in over 1079 trades.

The stock hit an intraday high of Rs. 28.75 and intraday low of 27.10. The net turnover during the day was Rs. 2820029.00.

Source : Equity Bulls

Keywords

ElectrosteelCastings INE086A01029 ElavurLand FavorableOrder NCLT