6 years, 4 months ago

ArcelorMittal’ Plea Against NCLAT Order To Pay Rs 7,000 cr Before Bidding For Essar Steel: SC Begins Hearing

Live Law

Steel and mining firm ArcelorMittal today assailed in the Supreme Court the order of the NCLAT asking it to pay Rs 7,000 crore to become eligible to bid for Essar Steel, saying that it had already divested its shares in the firms Uttam Galva Steel and KSS Petron, whose bad loans were directed to be paid by it.ArcelorMittal India, the steel tycoon L N Mittal-promoted group which has made. Steel and mining firm ArcelorMittal today assailed in the Supreme Court the order of the NCLAT asking it to pay Rs 7,000 crore to become eligible to bid for Essar Steel, saying that it had already divested its shares in the firms Uttam Galva Steel and KSS Petron, whose bad loans were directed to be paid by it. ArcelorMittal has moved the apex court challenging the NCLAT order of September 7 by which it had held as eligible the second bid of NuMetal, a consortium of Russia's VTB-JSW, for Essar Steel. It had last Friday ruled that NuMetal's second bid for Essar Steel was eligible but the same by ArcelorMittal will qualify only if it cleared the Rs 7,000 crore dues of firms it was previously associated with within three days.

Russia Order Nclat Bid Uttam Nclat Order Salve Arcelormittal Essar Essar Steel Galva Numetal Kss Petron Uttam Galva Uttam Galva Steel Steel Sc order numetal cr pay bid galva uttam plea hearing essar rs arcelormittal nclat steel sc

History of this topic

5 years ago

Essar Steel resolution to boost Q3 earnings with Rs 12,000-cr recovery; step to have positive impact on economy: SBI chief

Firstpost

With the order, the apex court paved the way for ArcelorMittal’s takeover of Essar Steel for Rs 42,000 crore. New Delhi: State Bank of India Chairman Rajnish Kumar on Monday said the resolution of Essar Steel will boost profitability of the bank by about Rs 12,000 crore in the third quarter of the current financial year. The country’s largest bank, …

5 years ago

ArcelorMittal, Nippon Steel complete acquisition of Essar Steel

The Hindu

ArcelorMittal, world’s largest steel maker on Monday completed the acquisition of Essar Steel India Limited, and simultaneously established a joint venture with Nippon Steel Corporation, called ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. “ArcelorMittal holds 60% of AM/NS India, with Nippon Steel holding the balance,” said a company statement adding that Aditya Mittal, president and CFO …

5 years, 1 month ago

Long turnaround road ahead for Lakshmi Mittal and Essar Steel

Live Mint

Mumbai: In 2006, Lakshmi Niwas Mittal wrapped up his $32 billion acquisition of French steel giant Arcelor - with geopolitical implications that involved the premiers of several countries - in less than 6 months. On 16 November, the Supreme Court upheld ArcelorMittal, Nippon Steel and Sumitomo Corp.’s resolution plan for Essar Steel, as approved by the stressed steel mill’s committee …

5 years, 1 month ago

ArcelorMittal aims to complete Essar Steel acquisition by year end

Live Mint

Following the Supreme Court verdict on Essar Steel resolution plan, global steel giant ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year. ArcelorMittal India Private Limited's resolution plan for Essar Steel India Limited has been unconditionally approved by the Supreme Court of India and the approval of AMIPL’s resolution plan is …

5 years, 1 month ago

Arcelor Mittal Bid For Essar Steel: Key Aspects In SC Judgment

Live Law

In what will have a long-standing impact on the IBC regime, the SC has decided the Essar Steel Insolvency matter in favour of the Committee of Creditors of Essar Steel, and has set aside the NCLAT'sjudgment. Role of the CoC in the CIR process The Bench observed that since nothing can be done qua the management of the corporate debtor …

5 years, 2 months ago

Supreme Court clears the path for ArcelorMittal to acquire bankrupt Essar Steel

The Hindu

The Supreme Court on Friday accepted ArcelorMittal’s offer to pay an aggregate ₹42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel. Explaining why financial creditors are favoured over operational creditors of a bankrupt company in a corporate resolution process, Justice Nariman said financial creditors were capital-providers for companies, who in turn were able to …

5 years, 2 months ago

Look forward to close Essar Steel acquisition soon: ArcelorMittal

Live Mint

Global steel giant ArcelorMittal on Friday said it is looking forward to close the acquisition of debt-ridden Essar Steel soon. The remarks followed the apex court verdict that gave nod to ArcelorMittal's resolution plan, paving way for ArcelorMittal's takeover of Essar Steel for ₹42,000 crore. The Supreme Court on November 15, paved the way for ArcelorMittal takeover of debt-ridden Essar …

5 years, 2 months ago

Opinion: The Essar ruling and a sigh of relief

Live Mint

In a decision that would reduce litigations and expedite the resolution of a corporate failure, the original purpose of India’s Insolvency and Bankruptcy Code, the Supreme Court on Friday set aside an appellate tribunal’s order that had been challenged. In July, the National Company Law Appellate Tribunal had held that financial lenders and operational creditors must be treated on par …

5 years, 2 months ago

SC on Essar Steel: CoC decision final; ruling clears way for ArcelorMittal

Live Mint

The Supreme Court on Friday said the National Company Law Appellate Tribunal should not interfere with the decisions of the committee of creditors in the Essar Steel insolvency case. The Supreme Court decision overrules NCLAT’s July 5 judgment that operational creditors should be treated on a par with financial creditors for distribution of funds from ArcelorMittal’s bid in the Essar …

5 years, 5 months ago

Supreme Court defers hearing of Essar Steel insolvency case till 19 August

Live Mint

New Delhi: The Supreme Court on Wednesday deferred till 19 August hearing in the Essar Steel insolvency case, saying said the matter should be decided in light of fresh challenges following recent amendments to the Insolvency and Bankruptcy Code. A division bench, headed by Justice Rohinton Fali Nariman and comprising Justice Surya Kant, heard the submissions by operational creditors and …

5 years, 5 months ago

Apex court stays NCLAT verdict in Essar Steel insolvency case

Live Mint

The Supreme Court on Monday put on hold the sale of Essar Steel India Ltd to ArcelorMittal after lenders to the bankrupt Indian steel maker challenged an appeals court ruling that said operational creditors have to be treated on a par with financial creditors. The bankruptcy appeals court order, approving ArcelorMittal’s ₹42,000 crore offer for Essar Steel, had upset secured …

5 years, 5 months ago

Essar Steel insolvency: Supreme Court orders status quo in case; to be heard on 7 August

Firstpost

The Supreme Court Monday ordered status quo as of today in the Essar insolvency case New Delhi: The Supreme Court on Monday put on hold the sale of Essar Steel to ArcelorMittal as it agreed to hear the appeal filed by financial lenders against the NCLAT order, saying it would like to settle the issue “once and for all”. The …

5 years, 5 months ago

Lenders to Essar Steel move Supreme Court against NCLAT ruling

Live Mint

A consortium of lenders led by State Bank of India has filed a petition before the Supreme Court against a National Company Law Appellate Tribunal ruling that Essar Steel’s operational creditors have to be treated on a par with financial creditors at the time of settling claims. The insolvency court’s ruling is expected to have a far-reaching impact and could …

5 years, 6 months ago

Lenders to move Supreme Court against NCLAT order on higher payout to Essar Steel's operational creditors: SBI chief

Firstpost

Mumbai: Going public with his anguish and disappointment over secured creditors’ rights not being enforced, State Bank of India chairman Rajnish Kumar Wednesday said lenders will soon be moving the Supreme Court against National Company Law Appellate Tribunal awarding higher payout to Essar Steel’s operational creditors and treating them on par with secured lenders. While approving ArcelorMittal’s Rs 42,000-crore bid …

5 years, 6 months ago

NCLAT rejects Ruia's bid to block ArcelorMittal; approves bid for Essar Steel with modification

Firstpost

Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors. The National Company Law Appellate Tribunal, however, gave operational creditors equal status as lenders in the distribution of the ArcelorMittal’s bid amount among the creditors of Essar Steel. “Therefore, the Application preferred by the Appellant- …

5 years, 7 months ago

NCLAT reserves order on ArcelorMittal takeover of Essar Steel

Live Mint

New Delhi: The National Company Law Appellate Tribunal on Tuesday reserved its order over a batch of petitions against ArcelorMittal's ₹42,000-crore take over bid for Essar Steel as well as the distribution of funds among the creditors of the debt-ridden company. During the proceedings, senior advocate Kapil Sibal appearing for Standard Chartered Bank, a secured creditor of Essar Steel, questioned …

5 years, 7 months ago

Essar Steel reports ₹4,229 cr EBITDA during insolvency period

Live Mint

New Delhi: Debt-ridden Essar Steel has registered an EBITDA of ₹4,229 crore during its Corporate Insolvency Resolution period. In an affidavit filed before the National Company Law Appellate Tribunal last week, the resolution professional said the company earned ₹4,000 crore from its operations between August 2017 and February 2019. Operational creditors of Essar Steel are not satisfied with the CoC …

5 years, 8 months ago

LN Mittal suppressed vital facts, allege Ruias

Live Mint

Essar Steel Asia Holdings Ltd – a shareholder in Essar Steel – has alleged that LN Mittal, Chairman and CEO of ArcelorMittal, has suppressed vital facts that would otherwise render him ineligible to offer a buyout plan for the distressed steel mill under Section 29A of the Insolvency and Bankruptcy Code. At a hearing of the resolution plan for Essar …

5 years, 8 months ago

Essar Steel shareholder seeks rejection of ArcelorMittal bid

Live Mint

Essar Steel Asia Holdings Ltd, a shareholder of Essar Steel Ltd, has alleged that ArcelorMittal chairman and chief executive officer, L.N. At a hearing of the resolution plan for Essar Steel before the National Company Law Appellate Tribunal on Tuesday, ESAHL, a Ruia family-controlled entity, alleged that until 31 December 2018, Mittal was a shareholder of Navoday Consultants, which in …

5 years, 8 months ago

Essar Steel insolvency case: Majority shareholders seek rejection of ArcelorMittal's Rs 42,000 crore bid

Firstpost

New Delhi: An Essar Steel’s majority shareholder Tuesday moved NCLAT seeking rejection of ArcelorMittal’s Rs 42,000 crore bid of the bankrupt company, alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers, that made his firm ineligible to participate in insolvency proceedings. In its plea before the National Company Law Appellate Tribunal, ESAHL …

5 years, 8 months ago

Essar Steel lenders see no major changes to resolution proposal

Live Mint

Mumbai: Despite the Supreme Court imposing status quo on the Essar Steel Ltd insolvency case, financial lenders to the stressed steel mill believe they will not have to make any major changes to the current resolution plan. “If you look at the NCLT Ahmedabad offer, the court advised the CoC and Essar Steel’s resolution professional to consider changes to the …

5 years, 9 months ago

Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed

Firstpost

India’s bankruptcy court had approved ArcelorMittal’s $6 billion-bid for debt-ridden Essar on 8 March, potentially ending months of court battles and opening the sector to outsiders. New Delhi: The Supreme Court on Friday ordered ArcelorMittal SA to stop a payment to lenders to buy Essar Steel, a lawyer involved in the case said, delaying billionaire Lakshmi Mittal’s entry into the …

5 years, 9 months ago

ArcelorMittal’s Essar Steel wait gets longer with Supreme Court status quo

Live Mint

New Delhi: The Supreme Court on Friday halted the resolution process of Essar Steel, holding back ArcelorMittal SA’s takeover bid for the stressed steel mill and enter the Indian steel industry. The court was hearing a plea by Standard Chartered Bank, one of the lenders to Essar Steel, which is unhappy with the settlement it would receive under the resolution …

5 years, 9 months ago

Supreme Court halts ArcelorMittal’s payment for Essar Steel

Live Mint

The Supreme Court has stopped ArcelorMittal from making a payment to lenders to buy Essar Steel India Ltd., extending billionaire Lakshmi Mittal’s wait to enter the South Asian country’s steel market. The Supreme Court’s two-judge bench headed by Justice Rohinton F. Nariman said status quo is to be maintained regarding Arcelor’s plan to buy Essar Steel. The order may delay …

5 years, 9 months ago

NCLAT likely to direct ArcelorMittal to deposit Rs 42,000-cr bid amount for acquiring Essar Steel

Firstpost

The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt-ridden Essar Steel. New Delhi: The National Company Law Appellate Tribunal on Tuesday said it may direct global steel major ArcelorMittal to deposit Rs 42,000 crore bid amount for acquiring Essar Steel in separate accounts during …

5 years, 9 months ago

NCLAT may ask ArcelorMittal to deposit ₹42,000 cr for acquiring Essar Steel

Live Mint

New Delhi: The National Company Law Appellate Tribunal on Tuesday said it was likely to direct global steel major ArcelorMittal to deposit the bid amount of ₹42,000 crore for acquiring Essar Steel in separate accounts during the next hearing on 23 April. The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for …

5 years, 9 months ago

ArcelorMittal offers to repay debt of Essar Steel Hazira, Paradip coal terminals

Live Mint

Mumbai: With ArcelorMittal close to taking over Essar Steel Ltd, two Essar Group-owned terminals supplying coal to the bankrupt steel plant have become prized assets. ArcelorMittal has agreed to repay the entire debt owed by these terminals once its Essar Steel acquisition is completed, said two people familiar with the matter, both of whom spoke on condition of anonymity. In …

5 years, 9 months ago

Essar Steel CoC meets over payout of ArcelorMittal’s ₹42,000 crore offer

Live Mint

New Delhi: The lenders of Essar Steel Ltd on Wednesday informed National Company Law Appellate Tribunal that a meeting of the committee of creditors of the debt-ridden firm is going on over distribution of ₹42,000 crore offered by global steel major ArcelorMittal SA. The NCLAT had on 20 March asked the resolution professional of Essar Steel to call for a …

5 years, 9 months ago

NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 crore resolution plan for debt-ridden Essar Steel

Firstpost

NCLAT said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company New Delhi: The National Company Law Appellate Tribunal Monday gave conditional approval to Rs 42,000 crore resolution plan of ArcelorMittal for debt-ridden Essar Steel saying it will be subject to its final order in the …

5 years, 10 months ago

Essar Steel takeover: NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seeks fresh distribution plan for bid amount

Firstpost

Making a suggestion, the NCLAT said all operational creditors below Rs 1 crore should get 100 per cent of the dues and so should the employees of Essar Steel. New Delhi: The National Company Law Appellate Tribunal on Friday refused to stay a bankruptcy court order approving steel giant ArcelorMittal’s Rs 42,000-crore takeover bid for Essar Steel and sought a …

5 years, 10 months ago

Essar Steel lenders said to mull higher payout to Standard Chartered

Live Mint

Mumbai: Lenders to bankrupt Essar Steel Ltd are considering increasing a payout to Standard Chartered Plc to expedite the sale of the company to ArcelorMittal, according to people with knowledge of the matter. Standard Chartered has filed a plea to National Company Law Appellate Tribunal opposing a decision by a lower court to sell Essar Steel to ArcelorMittal, world’s largest …

5 years, 10 months ago

Prashant Ruia seeks to stop Lakshmi Mittal’s homecoming

Live Mint

New Delhi: Essar Steel Ltd's former promoter Prashant Ruia—along with two other directors of the erstwhile board of the steelmaker—has approached the National Company Law Appellate Tribunal to thwart a last moment takeover of the debt-ridden firm by Lakshmi Mittal's ArcelorMittal. Ruia has challenged the orders of the Ahmedabad bench of the National Company Law Tribunal, which on Friday approved …

5 years, 10 months ago

Resolution, at last: on Essar Steel case

The Hindu

The National Company Law Tribunal’s approval of ArcelorMittal’s bid for the insolvent Essar Steel Ltd. is significant for several reasons. Among the aspects that have been clarified during the long resolution process for Essar Steel are the eligibility of those who have defaulted in repaying their borrowings elsewhere to bid, the time-limits for bidding and the place of unsecured, operational …

5 years, 10 months ago

ArcelorMittal's takeover bid for debt-ridden Essar Steel approved by NCLT Ahmedabad

Firstpost

NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders—the billionaire Ruia family—tried to hold onto the company The National Company Law Tribunal on Friday approved global steel giant ArcelorMittal SA’s bid for debt-ridden Essar Steel, potentially ending months of court battles and opening the country’s steel industry to outsiders. ArcelorMittal confirmed the NCLT had approved the takeover of the …

5 years, 10 months ago

ArcelorMittal nears India foray as NCLT clears Essar Steel takeover

Live Mint

After over a year of legal wrangles with bidders, courts and banks, the Ahmedabad bench of National Company Law Tribunal on Friday approved ArcelorMittal’s resolution plan for debt-laden Essar Steel Ltd. ArcelorMittal, in a joint venture with Japan’s Nippon Steel & Sumitomo Metal Corp., has offered an upfront cash settlement of ₹42,000 crore to lenders and a ₹8,000 crore capital …

5 years, 10 months ago

Decide on ArcelorMittal Essar Steel bid by 8 March, NCLAT tells NCLT

Live Mint

New Delhi: The National Company Law Appellate Tribunal on Thursday directed the NCLT Ahmedabad Bench to take a decision on the ₹42,000-crore resolution plan submitted by ArcelorMittal for debt-ridden Essar Steel by 8 March. The NCLAT directive came while the tribunal was hearing an application filed by ArcelorMittal, whose ₹42,000-crore takeover proposal for Essar Steel had been approved by the …

5 years, 11 months ago

NCLAT extends deadline for NCLT Ahmedabad to decide on Essar Steel insolvency case by Feb 19

The Hindu

The National Company Law Appellate Tribunal on Tuesday granted a week more time to NCLT Ahmedabad to decide over the ₹42,000 crore resolution plan submitted by ArcelorMittal for the debt ridden Essar Steel. During the hearing, the NCLAT was informed that Ahmedabad Bench has completed hearing on operational creditors plea and is scheduled to hear suspended Essar directors later in …

5 years, 11 months ago

Essar Steel insolvency case: Operational creditors on tenterhooks

Live Mint

Ahmedabad/New Delhi: The fate of operational creditors in the Essar Steel insolvency case hangs in the balance, with the Supreme Court on Monday rejecting their petitions to stay the proceedings, and the bankruptcy tribunal’s Ahmedabad bench reserving its order on their challenge. The operational creditors are challenging the decision of Essar Steel Ltd’s lenders and resolution professional accepting the resolution …

5 years, 11 months ago

NCLT Rejects Bid Of Essar Steel Promoters To Close Insolvency Process By Offering Settlement [Read Order]

Live Law

The NCLT Ahmedabad bench on Tuesday rejected the application made by Essar Steel promoters to close the insolvency process against it by offering to pay off the outstanding dues.The Ruias, promoters of Essar Steel, offered to pay Rs. The NCLT Ahmedabad bench on Tuesday rejected the application made by Essar Steel promoters to close the insolvency process against it by …

5 years, 11 months ago

NCLT rejects Ruias' debt settlement proposal to retake Essar Steel; company hints at challenging verdict

Firstpost

If it is not challenged again, this opens the first major victory for the LM Mittal-run ArcelorMittal into the country Ahmedabad: The National Company Law Tribunal on Tuesday rejected the debt settlement proposal put forth by the shareholders of Essar Steel saying the offer violates Section 12A of the Insolvency and Bankruptcy Code. The Ahmedabad bench comprising adjudicating authority Manorama …

5 years, 11 months ago

NCLT turns down Essar Steel promoters’ plea for settlement plan

Live Mint

In a major setback to the Ruia family, the Ahmedabad bankruptcy court today turned down Essar Steel Asia Holdings Ltd’ bid to regain control over the bankruptcy ridden Essar Steel. ESAHL had challenged the Resolution Professional and CoC’ decision to accept ArcelorMittal’s resolution plan for Essar Steel where the resolution process under Indian Bankruptcy Code had been initiated. The Supreme …

5 years, 11 months ago

ArcelorMittal-led CoC to decide on resolution plan for KSS Petron

Live Mint

The ArcelorMittal Group, which has bought out the loans of KSS Petron Pvt Ltd, now holds all the cards in the company’s bankruptcy proceedings. The KSS Petron resolution professional told the Mumbai bench of the National Company Law Tribunal on Wednesday that the UK-based steel major now owns 99.76% voting rights in the company. “After paying the financial lenders of …

5 years, 11 months ago

ArcelorMittal’s Essar bid delays planned joint venture with SAIL

Live Mint

ArcelorMittal's prolonged bid to buy debt-ridden Essar Steel is delaying the world's biggest steelmaker's joint venture with state-owned Steel Authority of India Ltd, India's steel minister and SAIL's chairman said. India's biggest state-owned steel company SAIL and billionaire Lakshmi Mittal-controlled ArcelorMittal signed a deal in May 2015 to set up a steel plant to produce automotive grade steel. Both the …

5 years, 11 months ago

Our offer better than ArcelorMittal’s proposal: Essar Steel

Live Mint

Essar Steel Wednesday said the ₹54,389-crore offer by its shareholders to pay all dues of financial and operational creditors of the company was much superior to a rival offer by ArcelorMittal and lenders should not be pressured into giving control of the company to any entity that undervalues it. The statement came on a day when the National Company Law …

5 years, 11 months ago

NCLT to issue order on Essar Steel insolvency by 31 January: NCLAT

Live Mint

The National Company Law Appellate Tribunal on Wednesday directed the Ahmedabad bench of the National Company Law Tribunal to pass an order on the insolvency case filed against Essar Steel Ltd. “We allow the designated authority to pass appropriate orders by the next date, failing which this appellate tribunal will decide,” said a two-member NCLAT bench headed by its chairperson …

5 years, 11 months ago

NCLAT asks NCLT Ahmedabad to take decision on Essar Steel's insolvency case by January 31

India TV News

The National Company Law Appellate Tribunal Wednesday directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder. A two-member bench of NCLAT, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal does not pass …

5 years, 11 months ago

Bidders cold to SBI’s Essar Steel loan sale

Live Mint

Mumbai: State Bank of India’s latest effort to sell loans given to Essar Steel Ltd has stalled, as potential buyers baulk at the bank’s demand for a pound of flesh from the same loan’s bankruptcy resolution. According to three people aware of the matter, the sale of Essar Steel loans worth ₹15,431 crore comes with a precondition that caps the …

6 years ago

NCLT to decide on Essar Steel shareholders’ proposal by 31 January

Live Mint

Ahmedabad: The Ahmedabad bench of the National Company Law Tribunal said Monday it will pronounce before 31 January its order on a petition filed by Essar Steel shareholders for submission of its proposal to settle dues worth ₹ 54,389 crore. The pronouncement comes after observations made by the National Company Law Appellate Tribunal, which had last week asked NCLT Ahmedabad …

6 years ago

NCLAT tells NCLT to speed up Essar Steel insolvency case

Live Mint

Ahmedabad/Mumbai: The National Company Law Appellate Tribunal, in an oral order on Thursday, directed the Ahmedabad bench of the National Company Law Tribunal to expedite the insolvency case filed against Essar Steel Ltd. NCLAT’s directive came while it was hearing the petition filed by the committee of creditors of Essar Steel, through State Bank of India, against the resolution professional …

6 years ago

Lenders reject Arcelor’s bid to buy Essar firm at 93% discount

Live Mint

Lenders to EPC Constructions India Ltd, an Essar group firm, have called for fresh bids after rejecting an offer from ArcelorMittal SA because they found it too low, said a banker aware of the development. The banker said lenders believe ArcelorMittal was not willing to increase the bid because its original plan to use this company as an add-on to …

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11 hours, 12 minutes ago

Supreme Court relief to Naidu, dismisses plea to cancel his bail

The Hindu

The Supreme Court on Wednesday provided a major relief to Andhra Pradesh Chief Minister N. Chandrababu Naidu by dismissing a petition filed in 2023 by the previous Yuvajana Sramika Rythu Congress Party government to cancel his bail in the skill development ‘scam’ case. The petition had alleged that the alleged crime relates to a project involving the Andhra Pradesh State …

Naidu His Bail

3 days, 22 hours ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

Nclt Nclat Insolvency Proceedings Indrajit Power

1 week, 4 days ago

NCLAT Directs Revival Of Company Petition After Appellant Was Deprived Of Remedies Under Article 21 Of Constitution

Live Law

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain, considering the peculiar situation where the civil suit was dismissed as withdrawn three days after the company petition under section 59 of the Companies Act was dismissed, directed the revival of company petition. The appellant also filed another civil suit in Civil Court Senior Division, Pune in RCS …

Civil Companies Company Pune Tribunal Suit Nclat

3 weeks, 2 days ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

Claims Resolution Plan Tribunal Claim Irp Sra Appellant

3 weeks, 5 days ago

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors

Live Mint

NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd. Reliance Infratel’s total debt exceeds ₹41,055 crore. The resolution and acquisition by RIL In 2022, Reliance Jio’s subsidiary, Reliance Projects and Property Management Services Ltd, completed the acquisition of a 100% stake in Reliance Infratel …

Bank Crore Nclt Nclat Reliance Creditors Reliance Infratel

1 month ago

RBI approves Burmans’ open offer to acquire 26% stake in Religare

New Indian Express

NEW DELHI: The Reserve Bank on Tuesday approved the open offer of Burman family, the promoters of FMCG major Dabur, to acquire an additional 26% stake in NBFC firm Religare Enterprises Ltd. The central bank said it has granted its “approval for the proposed increase in shareholding of existing shareholders” -- four Burman family entities Puran Associates, VIC Enterprises, M …

Rbi Rel Religare Religare Enterprises Burmans Open Burman Entities

1 month, 1 week ago

ArcelorMittal Nippon Steel's Odisha Steel Plant Gains Momentum

Deccan Chronicle

Bhubaneswar: Prospects for ArcelorMittal Nippon Steel's proposed steel plant in Odisha’s Kendrapara district have strengthened following a key notification from the Revenue Department. Industries Minister Sampad Swain highlighted ongoing infrastructure work, including roads, electricity, and plans for a new railway line, emphasizing Odisha’s focus on industrial expansion. Local MLA Durga Prasad Nayak praised community backing for the plant, which is …

Odisha Steel Kendrapara

1 month, 3 weeks ago

Official Liquidator Cannot Institute S. 61 Proceedings To Challenge Directions Issued To IBBI: NCLAT Chennai

Live Law

The National Company Law Appellate Chennai comprising of Justice Sharad Kumar Sharma and Jatindranath Swain dismissed an appeal filed by the Liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Facts of the Case The appellant who is the official liquidator of the Corporate Debtor M/s RLS Alloys Pvt. Judgement of the Court The NCLAT stated that the Liquidator cannot …

Appeal Order Process Tribunal Nclt Nclat Liquidator

3 months, 2 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

Insolvency Bank Proposal Project Nclat Supertech Insolvency Proceedings

3 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Insolvency Insolvency Proceedings Byju Nclat Order

4 months, 1 week ago

NCLAT orders status quo on Coastal Energen insolvency resolution process

The Hindu

The National Company Law Appellate Tribunal, Chennai on Friday ordered status quo to be maintained as on date in the matter of Corporate Insolvency Resolution Process of Coastal Energen Private Limited, based on an appeal filed against the approval of a ₹3,335.52 crore resolution plan submitted by Dickey Alternative Investment Trust and Adani Power Limited consortium for the company. Interestingly, …

Resolution Process Coastal Plan Nclt Nclat Coastal Energen

4 months, 1 week ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

Insolvency Proceedings Byju

4 months, 3 weeks ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Supreme Court Court Order Bcci Matter Singhvi Coc

5 months, 2 weeks ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Bcci Nclat Bcc Byju Raveendran

7 months ago

Madras High Court: MSME Corporate Debtor Can't Misuse Clean Slate Theory To Withhold Information When Its Management Had A Duty To Disclose

Live Law

The Madras High Court bench of Justice N. Seshasayee held that an MSME Corporate Debtor cannot exploit the Clean Slate Theory by withholding information, especially when its management, which remained in control, had a duty to disclose such information. The petitioner filed the writ of certiorari and mandamus before the Madras High Court to quash the Demand Notice issued by …

Financial Court Electricity Resolution High Plan Nclt

7 months, 1 week ago

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers

Hindustan Times

Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more …

Court Resolution Date Crore Nclt Approval Nclat

7 months, 3 weeks ago

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation

Hindustan Times

The National Company Law Appellate Tribunal on Friday upheld Mumbai-based Suraksha Group’s resolution plan for the debt-ridden Jaypee Infratech Limited that has failed to deliver around 20,000 apartments in its housing project “Wish Town” in sectors 128, 129, 130, 131 and 132 areas along Noida-Greater Noida Expressway. The Yamuna Expressway Industrial Development Authority had approached National Company Law Appellate Tribunal, …

Compensation Pay Order Company Crore Nclt Group

7 months, 4 weeks ago

When Claims And Counter Claims Are Involved, Liquidator Cannot Decide The Same: NCLAT Chennai

Live Law

The National Company Law Appellate Tribunal, Chennai Bench, comprising Shri Justice Venugopal M. and Shri Jatindranath Swain, while adjudicating an application under Section 61 of Insolvency and Bankruptcy Code, 2016 in M/s. FLSmidth Private Limited vs Lanco Infratech Ltd. has held that when claim and counter claims are involved Liquidator cannot decide the same. Background Facts Lanco Infratech issued a …

Corporate Corporate Debtor Crore Claim Liquidator Debtor Lanco Infratech

8 months, 1 week ago

Supreme Court hears SBI consortium’s appeal against NCLAT verdict on Jet Airways transfer

The Hindu

The Supreme Court on Wednesday partly heard a State Bank of India-led consortium’s challenge to a decision of the National Company Law Appellate Tribunal to approve a resolution plan proposed by Jalan-Kalrock consortium for Jet Airways. Chandrachud, senior advocate Harish Salve, for the SBI consortium, said the situation has become a “nightmare” for the lenders. The lenders described the NCLAT …

Supreme Court Jkc Salve

8 months, 3 weeks ago

NCLT defers Byju’s case hearing to Jun 6

New Indian Express

BENGALURU: The Bengaluru bench of the National Company Law Tribunal has deferred the hearing of the ongoing case between edtech firm Byju’s and the four investors to June 6. Byju’s four investors including Peak XV Partners and General Atlantic had filed the oppression and mismanagement plea against the firm and they accused the edtech company of using some of the …

Edtech Nclt Order Case Hearing

8 months, 3 weeks ago

Jet Airways’ lenders move SC against NCLAT decision to uphold resolution plan

Live Mint

New Delhi: The lenders of Jet Airways, led by State Bank of India, have challenged a National Company Law Appellate Tribunal's decision that upheld the resolution plan proposed by the Jalan-Kalrock consortium for the bankrupt airline. Additionally, the appellate tribunal instructed JKC to settle dues towards the airline’s workmen, employees, creditors, and other costs of the resolution process from the …

Resolution Resolution Plan Nclat Lenders Jalan Jkc Jet Airways

9 months, 1 week ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Live Mint

Embattled edtech firm Byju's on Thursday filed a plea with the National Company Law Tribunal seeking arbitration in its dispute with some of its key investors. A clutch of investors including General Atlantic, Prosus and Peak XV have alleged that the edtech firm violated the tribunal’s 27 February order, which had directed debt-laden Byju's to not allot shares to investors …

Investors Share Nclt Byju Edtech Egm

9 months, 2 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

Mumbai Resolution Homebuyers Project Respondent Class Ors

9 months, 3 weeks ago

NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002

Live Law

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra held that Corporate Insolvency Resolution Process can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NCLAT Verdict: The NCLAT Delhi …

Corporate Financial Sale Corporate Debtor Bank Debt Auction

10 months, 2 weeks ago

Delhi High Court Rejects ArcelorMittal's Plea Seeking Approval To Commence Mining Operations In Jharkhand's Saranda Forest Division

Live Law

The Delhi High Court on Thursday dismissed a plea moved by ArcelorMittal seeking approval and clearance to commence mining operations in Jharkhand's Saranda Forest Division. The bench also noted that the Shah Commission in its report dated October 14, 2013, clearly recommended that no fresh leases should be granted in the Saranda region and recommended that the areas that fell …

Court Delhi High Court Jharkhand Mining Lease Forest Grant

10 months, 2 weeks ago

Delhi High Court Rejects ArcelorMittal's Plea Seeking Approval To Commence Mining Operations In Jharkhand's Saranda Forest Division

Live Law

Court Delhi High Court Jharkhand Mining Lease Forest Grant

10 months, 2 weeks ago

For Byju’s, $200 million is so near yet so far

Live Mint

Mumbai: The National Company Law Tribunal on Wednesday asked edtech company Byju’s to consider extending the closing date of its contentious rights issue beyond 28 February, and directed it to keep the funds untouched. Separately on Wednesday, the court also issued a notice to Byju’s on its lenders’ petition to invoke insolvency to repay around $1.2 billion worth of loans …

Rights Company Issue Nclt

11 months ago

SC nod for ArcellorMittal Nippon Steel, IOCL to appoint arbitrators in Essar case

Hindustan Times

The Supreme Court on Monday cleared the decks for the initiation of arbitration proceedings by Arcelor Mittal Nippon Steel India Limited and Indian Oil Corporation Ltd for resolving their dispute relating to Essar Steel India Limited. In view of the agreement of the parties, the Delhi high court’s judgment dated October 10, 2023, is rendered infructuous,” stated the bench, which …

India Delhi Court Resolution High Appoint Iocl

1 year, 1 month ago

S.274 Companies Act | NCLT Can Only Direct Company & Not It's Shareholders To File Written Statement & Objections During Winding Up: Kerala HC

Live Law

The Kerala High Court recently laid down that the National Company Law Tribunal can only direct the Company to file its objections along with the statement of affairs when a petition for winding up of the Company before the Tribunal had been filed by any person other than the Company itself. Justice C. Jayachandran, passed the order on perusing Section …

Statement Company Tribunal Nclt

1 year, 1 month ago

Weekly Digest Of IBC Cases: 13th To 19th November 2023

Live Law

NCLAT Case Title: Patsons Construction v Shri Ram Ratan Kanoongo Case No. 1269 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Shri Barun Mitra and Shri Arun Baroka, has set aside a direction passed by the NCLT requiring a creditor to pay usage charges of a machine to the Corporate Debtor in absence …

Resolution Title Application Plan Nclt Machine Bench

1 year, 1 month ago

Arcelormittal’s Resolution Plan For Essar Steel, A Creditor Files Recall Application ; NCLT Ahmedabad Issues Notice

Live Law

The National Company Law Tribunal, Ahmedabad Bench, comprising of Shri Shammi Khan and Dr. Velamur G Venkata Chalapathy, has issued notice in an application seeking recall of the order dated 08.03.2019 whereby the resolution plan of ArcelorMittal India Pvt. The Applicants are creditors of Essar Steels India Ltd., who have alleged that the plan approval order was obtained by casting …

India Resolution Corporate Debtor Order Steel Plan Nclt

1 year, 2 months ago

Zee-Sony merger: NCLAT transfers all cases to bench led by chairperson

Live Mint

New Delhi: The National Company Law Appellate Tribunal on Tuesday transferred pleas filed by Axis Finance and IDBI Bank challenging the Zee-Sony merger to the bench of the chairperson, Ashok Bhushan. During today's proceedings, senior lawyer Mukul Rohatgi, representing Zee, contested the creditors' claims, asserting that both IDBI and Axis Finance lack standing as they are neither shareholders nor creditors. …

Zee Idbi Essel Group Merger Nclat

1 year, 2 months ago

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties

Live Law

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

Shareholders Company Nclat Advocate Mro Appellant Hold Negotiations

1 year, 4 months ago

NCLAT gives Jalan-Kalrock consortium time till 30 Sep to repay Jet Air lenders

Live Mint

New Delhi: The National Company Appellate Tribunal on Monday gave Jalan-Kalrock consortium, the successful bidder for Jet Airways, time till 30 September to clear dues worth ₹350 crore to lenders of the grounded airline. The tribunal also accepted the consortium's plea to adjust ₹150 crore from a performance bank guarantee towards the payment of ₹350 crore. Lenders have infused approximately …

Air Airline Nclat Jalan Jet Airways 30 Sep Jet Air

1 year, 6 months ago

Delhi High Court Issues Notice To NCERT On Plea Challenging Tender Inviting Bids From Only Empanelled Firms

Live Law

The Delhi High Court has issued notice to NCERT and the Central Government in a plea challenging the tender issued by NCERT for the supply of items of the New Kit, Jaadui Pitara. The plea alleges that tender is “biased and one-sided” because it specifically invites online bids only from firms currently empaneled with NCERT. Despite meeting all other eligibility …

Petition Ncert Empanelled Firms

1 year, 7 months ago

Sony-Zee merger: NCLAT likely to hear Zee Entertainment’s petition today

Live Mint

Zee Entertainment Enterprises Limited has encountered a temporary setback in its ongoing legal battle against the National Company Law Tribunal's directive to reassess the initial approvals of the Sony-Zee merger. The National Company Law Appellate Tribunal has adjourned the hearing on ZEEL's petition and is likely to hear it on May 26. The dispute emerged when the NCLT instructed the …

Sony Nclt Bse Merger Nclat Zee Zee Entertainment

1 year, 7 months ago

Zee appeals NCLT’s Sony merger ruling

Live Mint

Zee Entertainment Enterprises Ltd has moved the National Company Law Appellate Tribunal to contest an interim ruling by the National Company Law Tribunal ’s Mumbai bench related to its proposed merger with Sony Pictures Networks India Pvt. In its petition before NCLAT, Zee said the 11 May order of the tribual didn’t follow the principles of natural justice and due …

Order Nclt Nclat Zee Shirpur Sony Merger 11 May

1 year, 7 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

Law Mumbai Corporate National Title Company Tribunal

1 year, 10 months ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

Resolution Order Plan Noida Nclt Sra Coc

1 year, 10 months ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

Nclt Indusind Bank Zeel Nclat Stays Zee Final

1 year, 11 months ago

SC to Hear Plea Seeking Probe into Hindenburg Research Report on Adani Firms on Friday

News 18

The Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. “A similar petition is coming up tomorrow,” …

Centre Pil Tiwari Adani Plea Hindenburg Research Hindenburg

1 year, 11 months ago

NCLAT Delhi Sets Aside The Order Of Private Sale Of Bhuvee Stenovate Private Limited

Live Law

In a major Judgement, the National Company Law Appellate Tribunal set aside the order of the National Company Law Tribunal, Kolkata which had permitted a private sale of Bhuvee Stenovate Private Limited for an amount of Rs.61.05 Crores, even though the request for Private Sale had been made by the Intervener purchaser Laser Solar LLP. The order and consequent sale …

Sale Private National Law Private Sale Sets Aside Law Company National Law Company

1 year, 11 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

Order Nclt Reliance Advocate Status Quo Reliance Capital Nclt Mumbai

2 years ago

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap

The Hindu

The National Company Law Tribunal Mumbai is set to hear on Thursday a crucial petition of the Gujarat-based Torrent Group, which has approached the tribunal challenging the Committee of Creditors’ move to conduct second round of e-Auction of the Reliance Capital, which is under the Insolvency and Bankruptcy Code procedure. On December 21, Torrent Investments had emerged the highest bidder …

Capital Second Nclt Round Group Bid Reliance

2 years, 1 month ago

Essar Group to build Rs 40,000-crore petrochemical complex in Odisha; details here

Firstpost

The recent completion of Essar’s asset monetisation program has resulted in the group being free of debt to Indian financial institutions and banks In a joint venture with a major global player, the ports-to-power conglomerate, Essar Group, owned by billionaire brothers Shashi Ruia and Ravi Ruia, announced on 1 December that it plans to build a petrochemical complex in Odisha …

India Odisha Group Essar Group Petrochemical Complex Rs Essar

2 years, 1 month ago

Essar Group becomes debt-free after repaying $25 billion

Hindustan Times

Essar Group has become debt-free, having settled the remainder of its $25 billion debt after the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd, the group said on Monday. Its steel business, operated through Essar Steel, was acquired by a joint venture of ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corp. Essar Ports and …

India Debt Billion Group Essar Hazira Essar Group

2 years, 2 months ago

ArcelorMittal Signs Deal With Mitsubishi, BHP To Share Carbon-Capture Technology

ABP News

One of world’s leading steel and mining firms, ArcelorMittal, has signed a collaborative deal with Mitsubishi Heavy Industries Engineering, BHP and Mitsubishi Development to reduce CO2 emissions of its steel production by 2030. “It is through pan-industry partnerships and collaboration that we will achieve ArcelorMittal’s climate goals of reducing CO2 emissions by 35 percent by 2030 in Europe and by …

Steel Bhp Mitsubishi Arcelormittal Steelmaking Mhieng Mitsubishi Development

2 years, 2 months ago

NCLT Mumbai Approves Arcelormittal Promoted AM Mining's Resolution Plan For Uttam Galva Steels

Live Law

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P. N. Deshmukh and Mr. Shyam Babu Gautam, while adjudicating a petition filed in State Bank of India v Uttam Galva Steels Limited, has approved the resolution plan submitted by ArcelorMittal promoted AM Mining Pvt. Ltd. for Uttam Galva Steels Ltd. Brief Facts Uttam Galva Steels Ltd. is one of …

India Resolution Steel Plan Steels State Bank Of India Uttam Galva Steels

2 years, 7 months ago

NCLAT Limits Supertech's Insolvency Process To One Project

Live Law

The National Company Law Appellate Tribunal principal bench comprising of Justice Ashok Bhushan and Mr. Naresh Salecha has modified its stay order on constitution of Committee of Creditors of Supertech Ltd. and limited the Corporate Insolvency Resolution Process of Supertech to one project i.e., Eco Village II. Earlier, the NCLAT vide its order dated 12.04.2022 while granting time to the …

India Supreme Court Resolution Bank Union Project Nclat

2 years, 7 months ago

NCLAT Terminates The CIRP Of Kanoria Sugar & General Manufacturing Co. Ltd., As Parties Enter Settlement

Live Law

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Naresh Salecha, while adjudicating an appeal in Kanoria Sugar and General Manufacturing Co. Ltd. v Punjab National Bank, has terminated the Corporate Insolvency Resolution Process of Kanoria Sugar and General Manufacturing Co. Ltd., which was initiated by NCLT vide an order dated 27.04.2022. Brief Background …

Bank Nclt Nclat Punjab National Bank Cirp Kanoria Sugar Sugar General