Performance Analysis of Essar Steel Limited: Pre, During and Post CIRP: A Case Study

Abstract

The Corporate Insolvency Resolution Process (CIRP) of Essar Steel Limited was commenced on 2nd August 2017, and the resolution was approved on 8th March 2019. The financial health of Essar Steel Limited (ESL) deteriorated from 2015 onwards due mainly to high cost of operations, mismanagement of resources, and external business environment impacting the steel sector. With little or no remedial measure undertaken by the management, the rot became sustained, forcing the company to bankruptcy. This paper provides the analysis of operational and financial performance of the company pre, during and post Corporate Insolvency Resolution process.