As part of the pact, Credit Suisse has agreed to pause court proceedings against Gupta’s empire while the sale of Stocksbridge is conducted, the PTI report said. In February last year, Liberty Steel acquired Odisha-based Adhunik Metaliks and its subsidiary, Zion Steel, in an all-cash deal and followed up with the acquisition of Andhra Pradesh-based SBQ Steels in a similar transaction. Significantly, Liberty raised funds from overseas for both the transactions after several Indian lenders declined to fund the transactions. “Since no Indian lender has any exposure to any Liberty Steel companies, the fate of the two Indian units will finally depend on how the overall restructuring process of Liberty Steel goes," said the second person cited above, also requesting anonymity. A query emailed to Liberty Steel remained unanswered until press time on Tuesday.

Source: Mint May 25, 2021 18:00 UTC