The younger brother of steel magnate Lakshmi Mittal had his deal with creditors – under which he agreed to pay 0.2% of his total debts of more than $2 billion – overturned in a London court on Friday.
Pramod Mittal was declared bankrupt in June 2020 over an approximately $170 million debt owed to Moorgate Industries UK Limited, previously called Stemcor UK Limited.
The businessman entered into an individual voluntary arrangement (IVA) with his creditors in October 2020.
Joseph Curl, representing Moorgate, said in court documents filed earlier this month that Mittal’s debts increased by a factor of more than 40 to almost $2.7 billion shortly before creditors voted on the IVA proposal.
Curl said loans to four of Mittal’s creditors carrie…
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