NBCC India to construct AIIMS in Jharkhand Essar Steel shareholders offer to pay `54,389 cr to clear all lenders’ dues

NEW DELHI: NBCC (India) Ltd, a Navratna CPSE under Ministry of Housing and Urban Affairs, has bagged a prestigious project for Planning, Designing, & Construction of All India Institute of Medical Sciences (AIIMS) in Deoghar, Jharkhand valuing Rs. 902 Crores. The Project has been awarded to NBCC by the Ministry of Health & Family Welfare, GOI under the Pradhan Mantri Swasthya Suraksha Yojana (PMSSY).

NBCC has been a prime mover in Health Infrastructure sector of the country and has been undertaking several significant projects such as ESIC Hospitals, Medical Colleges & Hospitals of various State Govts. across the country.

Some of such major projects already executed by the company include Centrer for Dental Education & Research, AIIMS, New Delhi; 500 Bedded ESIC Medical College & Hospital at Coimbatore, Tamil Nadu; ESIC Hospital, Gurgaon; Guwahati Medical College & Hospital at Assam; and ESIC Medical College at Mandi, Himachal Pradesh. NEW DELHI: Shareholders of embattled Essar Steel Thursday offered to pay an aggregate of Rs 54,389 crore including Rs 47,507 crore upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.

The proposal was made as the Committee of Essar Steel Creditors voted on a takeover offer made by the world's largest steel maker Arcelormittal.

"The shareholders of Essar Steel have today (Thursday) submitted a proposal to the Committee of Creditors (COC) for full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel India Ltd (ESIL), aggregating Rs 54,389 crore, under Section 12A of the Insolvency and Bankruptcy Code," the company said in a statement.

The plan includes an upfront cash payment of Rs 47,507 crore to all creditors, including Rs 45,559 crore to the senior secured financial

Strategy includes an upfront cash payment of `47,507 crore to all creditors, including `45,559 crore to senior secured financial creditors

creditors. This would mean the secured financial creditors make full recovery of their dues.

"The COC is empowered to consider and approve this Settlement Plan with the requisite voting share, on the basis of which the corporate insolvency resolution process against ESIL may be withdrawn," the statement said.