MUMBAI: State Bank of India has mandated bankruptcy specialist Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on Rs 44,000 crore debt, said two people familiar with the development.
The nation’s biggest lender has also hired Ernst & Young, Deloitte and PricewaterhouseCoopers to handle the insolvency proceedings for other companies, said these individuals, who sought anonymity.
Deloitte will help lenders reorganise Bhushan Steel while EY will administer the loan resolution process of Amtek Auto. PwC has the mandate to resolve Electrosteel Steels, and consulting firm BDO India will manage Jyoti Structures.
The firms will be paid Rs 1.25-1.50 crore for a term of six to n…
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