Omkara Assets Reconstruction’s bid for Odisha steel maker gets greenlight

The bankruptcy tribunal has okayed Omkara Assets Reconstruction Pvt Ltd’s bid to acquire Jagannath Sponge Private Ltd in a deal that will give a haircut of 90% to lenders of the Odisha-based iron and steel maker. Jagannath Sponge Pvt. Ltd. will thus become another stressed steel asset to find resolution. ......