How Pramod Mittal had a billion dollar debt on Pramod Mittal – and his deal was done
Written by Jay Majumdar
Steel barons facing bankruptcy proceedings in UK since June 2020 LN Mittal’s younger brother Pramod Mittal Zero income, claimed net worth of less than £150,000 and denied ownership of his longtime London residence.
He did this to justify an individual voluntary arrangement (IVA) in which he offered to pay £4.4 million – or just 0.19% – of the £2.5 billion he said he owed to 20 creditors.
The IVA was approved by 75% of Mittal’s creditors last October. records checked by Naveen Bharat Show that Mittal, a British Virgin Islands company, Direct Investment Ltd., claimed to have owed him more than £1 billion, and another BVI company, Meadswell Estates Ltd., which Mittal claimed to have owned his London residence, was a trust. in which Mittal himself is a beneficiary.