Construction Industry News
Uttam Galva Steels Limited announced on Tuesday that its consolidated net loss for the third quarter ended December 31, 2021 was Rs 59.64 crore.
In the preceding quarter, Uttam Galva Steels reported a net profit of Rs 26.82 crore, according to a regulatory filing.
The company's total consolidated income rose to Rs 220.94 crore in the October-December period, up from Rs 189.45 crore in the corresponding quarter of the previous fiscal year.The company's expenses for the quarter were Rs 280.58 crore, up from Rs 222.06 crore a year ago.
Under investigation by the NCLT, Uttam Galva Steels Ltd is one of the nation's largest producers of cold rolled and galvanized steel in the western region.
The Mumbai Bank of the National Company Law Tribunal (NCLT) has admitted State Bank of India (SBI) petition to initiate the Corporate Insolvency Resolution Process (CIRP) by order dated October 1, 2020, according to the filing.
Milind Kasodekar was appointed as the company's Interim Resolution Professional (IRP) at a meeting of the Committee of Creditors (CoC) on November 4, 2020. He took control of the company's operations and management.
The CoC has also approved a resolution plan submitted by AM India Private Limited on June 2, 2021, according to the filing.
They stated that the plan was submitted to the court for approval on 5 June 2021.
Uttam Galva Steels Limited is one of the largest producers of cold rolled steel (CR) and galvanized steel (GP) in Western India.
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