On November 15, 2019, the Supreme Court of India approved the resolution plan submitted by the consortium of ArcelorMittal and Nippon Steel for Essar Steel India Limited (ESIL). Nikhil Shah, the head of Restructuring & Turnaround and Corporate Finance at Alvarez & Marsal (A&M) India, reflected with satisfaction on A&M’s involvement in ESIL as a turnaround and insolvency adviser.Shah thoughtthat his teamat A&M had gainedvaluable experience in successfully managing the insolvency resolution process since being awarded the mandate by the State Bank of India and other consortium lenders in June 2017 under the newly enacted law—the Indian Insolvency and Bankruptcy Code, 2016. ESIL, with a debt-indefault of more than INR 490 billion,1 was one of the first 12 firms that were referred to the NationalCompanyLawTribunal (NCLT)forinsolvency resolutionproceedings.The case was completed 865 days after ESIL’s admission into insolvency proceedings by NCLT, Ahmedabad
