On May 6th of 2020, a monitoring agency was formed, in which successful resolution applicants Nithia and CarVal along with two members from the bank and one independent member were made responsible for operating the plants.
- Nithia Capital and CarVal Investors complete acquisition of stressed assets of Uttam Group for ₹2,000 crore
- Nithia Capital to close Uttam deal by end of October, has identified a new management team: CEO Jai Saraf
- NCLT approves resolution plan for stressed companies of Uttam Galva
- Uttam value, Galva lenders ignored higher bid.
- Fresh bids invited for Uttam Value & Metallics