International Corporate Rescue
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Vol 17 (2020) - Issue 4
Article preview
Performance Analysis of Electrosteel Steels Limited, Pre, During and Post Corporate Insolvency Resolution Process: A Case Study
Dr. S.K. Gupta, MD & CEO, IPA of Institute of Cost Accountants of India, New Delhi, IndiaSynopsis
The Corporate Insolvency Resolution Process (CIRP) for Electrosteel Steels Ltd (ESL) commenced on 21 July 2017 and the resolution was approved on 17 April 2018. India's dedicated bankruptcy resolution programme, which seeks to untangle billions of dollars stuck in bad loans, recorded its second biggest successful recovery to date after global resources major Vedanta acquired management control of ESL and appointed a new board to run the distressed steelmaker. This paper provides the analysis of operational and financial performance of the company pre, during and post CIRP.
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