LONDON: Creditors have approved a proposed individual voluntary arrangement (IVA) by Pramod Mittal, brother of one of the worlds richest men, Lakshmi Mittal, in which he is offering to pay back just 4.4 million (Rs 42 crore), after costs, of the 2.5 billion (Rs 24,000 crore) he owes them.
He can now apply to get his bankruptcy quashed.
Pramod (64) declared in the IVA proposal, which TOI has seen, that his total assets amount to just 115,669 (Rs 1.1 crore), he has no personal income, and his personal expenditure of 2,000 to 3,000 (Rs 1.9 to Rs 2.8 lakh) a month is mainly met by my wife and family.
He said: My wife is financially independent from me. We have separate bank accounts and I have very limited information regarding her income. …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/bankrupt-pramod-mittal-bailed-out-by-son-will-only-have-to-pay-rs-42-crore-out-of-the-rs-24000-crore-he-owes/articleshow/78918918.cms
