New Delhi : Uttam Galva Steels has offered to settle the Rs 5,654 crore loan default by paying 51 per cent the amount upfront to public sector banks so as to abort the auctioning of the company’s assets.

The company, which is part of the RBI’s list of defaulters who have been referred for insolvency proceedings, offered to pay Rs 2,884 crore upfront to settle with all of them and take the company out of insolvency proceedings. The company proposed “a one-time settlement of the dues of lenders to the extent of 51 per cent of the outstanding claims as on the date of NPA”.

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