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 KSS Petron, ArcelorMittal now owns 99.76% voting rights in KSS Petron,” advocate Jitendra Kumar, appearing for the KSS Petron resolution professional, informed the bench. “The development came after the Supreme Court order of 4 October when the apex court had asked the company to pay dues for Uttam Galva Steel and KSS Petron to be eligible to bid for Essar Steel,” said Kumar. Earlier, on 1 January, NCLT had granted KSS Petron exclusion of 38 days from the time lost in the corporate insolvency resolution process from 31 December 2018.

Resolution Company Kss Coc Arcelormittal Petron Kss Petron  decide  coc  tribunal  company  steel  arcelormittalled  uttam  kss  resolution  arcelormittal  royal  petron  plan  voting

History of this topic

ArcelorMittal aims to complete Essar Steel acquisition by year end
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 …

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

NCLAT tells NCLT to speed up Essar Steel insolvency case
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 …

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 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 …

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 …

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 …

NCLAT reserves order on Numetal and ArcelorMittal pleas over debt-ridden Essar Steel bids
6 years, 5 months ago

NCLAT reserves order on Numetal and ArcelorMittal pleas over debt-ridden Essar Steel bids

Firstpost  

Numetal’s eligibility is linked to the shareholding of Arora Enterprises Ltd, which has already exited from Numetal. New Delhi: The NCLAT on Wednesday reserved its order on the petitions filed by world’s largest steel manufacturer ArcelorMittal and Russia’s VTB Capital-backed Numetal over issues pertaining to the eligibility of their bids for taking over debt-ridden Essar Steel. While reserving its judgment, …

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 …

Discover Related