ArcelorMittal offers to settle KSS Petron, Uttam Galva dues ‘at much less’
6 years, 2 months ago

ArcelorMittal offers to settle KSS Petron, Uttam Galva dues ‘at much less’

Live Mint  

Mumbai: How much does ArcelorMittal need to pony up to be eligible to bid for Essar Steel? Until now, it was widely believed that ArcelorMittal had to pay at least ₹ 7,000 crore to various lenders of Uttam Galva Steels Ltd and KSS Petron to qualify as a bidder for Essar Steel. In May, ArcelorMittal was understood to have transferred ₹ 7,000 crore to an overseas escrow account of State Bank of India to show its commitment towards settling the unpaid dues of Uttam Galva Steels and KSS Petron, in which L.N. On 10 September, Mint reported ArcelorMittal had, in fact, said it would pay the ₹ 7,000 crore to lenders along with increasing its bid for Essar Steel to ₹ 42,000 crore, following a National Company Law Appellate Tribunal order to that effect. ArcelorMittal has said Uttam Galva owes ₹ 829 crore in external commercial borrowings, ₹ 968 crore in rupee term loans and ₹ 2,189 crore in working capital loans, according to the letter.

Steel Crore Mint Letter Kss Uttam Arcelormittal Essar Essar Steel Galva Petron Kss Petron Uttam Galva  uttam  settle  offers  arcelormittal  letter  kss  galva  essar  owes  dues  steel  petron  crore

History of this topic

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

NCLAT reserves order on ArcelorMittal takeover of Essar Steel
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 …

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

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

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

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

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

Standard Chartered challenges ArcelorMittal’s Essar Steel bid again
6 years, 1 month ago

Standard Chartered challenges ArcelorMittal’s Essar Steel bid again

Live Mint  

Mumbai: After filing a caveat petition in late October against ArcelorMittal SA’s resolution plan for Essar Steel which left Standard Chartered left out in the cold, the London-based bank has approached the Ahmedabad bench of the National Company Law Tribunal again, alleging that the committee of creditors has illegally sought a discriminatory resolution plan outside the purview of the Insolvency …

ArcelorMittal sweetens bid for Essar Steel with more equity
6 years, 2 months ago

ArcelorMittal sweetens bid for Essar Steel with more equity

Live Mint  

Mumbai: Lakshmi Mittal-controlled ArcelorMittal on Tuesday sweetened its bid for Essar Steel by offering an additional equity infusion of ₹ 8,000 crore over and above the ₹ 42,000 crore it promises to pay for acquiring the bankrupt steelmaker, said a banker on the committee of creditors of Essar Steel. The move raises ArcelorMittal’s total bid for Essar Steel to ₹ …

ArcelorMittal to clear $1 billion dues to bid for Essar Steel
6 years, 2 months ago

ArcelorMittal to clear $1 billion dues to bid for Essar Steel

Live Mint  

Mumbai: ArcelorMittal will pay ₹ 7,469 crore to the financial creditors of Uttam Galva Steels Ltd and KSS Petron Pvt. “ArcelorMittal announces that in line with the Indian Supreme Court ruling dated 4 October 2018, it has approved a payment of ₹ 7,469 crore to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order …

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

Lakshmi Mittal-led ArcelorMittal revises bid for Essar Steel to Rs 42,000 crore
6 years, 4 months ago

Lakshmi Mittal-led ArcelorMittal revises bid for Essar Steel to Rs 42,000 crore

India TV News  

World's largest steel producer ArcelorMittal has offered Rs 42,000 crore to acquire Essar Steel Ltd, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal, sources with direct knowledge of the development said. Days after the National Company Law Appellate Tribunal held the second round of bids for debt-laden Essar Steel valid, ArcelorMittal India put in a revised offer …

Numetal’s Essar Steel bid valid, Arcelor must clear dues
6 years, 4 months ago

Numetal’s Essar Steel bid valid, Arcelor must clear dues

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday held Russia’s VTB Capital-backed Numetal’s second bid valid and asked the world’s largest steel manufacturer ArcelorMittal to clear dues of Uttam Galva and KSS Petron till date within three days to turn its bid eligible for taking over debt-ridden Essar Steel. In the second round of bidding, Anil Agarwal’s Vedanta …

NCLT clears Numetal’s Essar Steel bid, puts a rider for ArcelorMittal
6 years, 4 months ago

NCLT clears Numetal’s Essar Steel bid, puts a rider for ArcelorMittal

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Friday ruled that second round bids put in by Russia’s VTB Capital-backed Numetal and Anil Agarwal’s Vedanta for acquisition of debt-ridden Essar Steel are valid but that of ArcelorMittal is contingent upon the company clearing ₹ 7,000 crore dues of Uttam Galva and KSS within three days. “The person shall be …

Essar Steel bidding: NCLAT may give Arcelor, Numetal more time
6 years, 5 months ago

Essar Steel bidding: NCLAT may give Arcelor, Numetal more time

Live Mint  

New Delhi: The National Company Law Appellate Tribunal on Monday hinted at giving a chance to both Numetal Ltd and ArcelorMittal India Ltd, the resolution applicants who submitted bids for Essar Steel Ltd, to cure ineligibilities after which revised bids may be invited from the companies. Mukul Rohatgi, appearing for Numetal, argued that the eligibility of the resolution plan submitted …

IBC: Eligible to bid for Essar Steel as not a promoter of Uttam Galva, KSS Petron, says ArcelorMittal to NCLAT
6 years, 6 months ago

IBC: Eligible to bid for Essar Steel as not a promoter of Uttam Galva, KSS Petron, says ArcelorMittal to NCLAT

Firstpost  

ArcelorMittal and Numetal have filed petitions in the NCLAT challenging the disqualification of their first round of bids. New Delhi: ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KSS Petron, and had already offloaded its shares before submission of the …

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