ArcelorMittal's takeover bid for debt-ridden Essar Steel approved by NCLT Ahmedabad
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 10 million tonne steel plant of Essar Steel by itself and Japan’s Nippon Steel & Sumitomo Metal Corp, paving the way for the first major foreign participation in India’s steel sector. The NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders—the billionaire Ruia family—tried to hold onto the company, offering 543.89 billion rupees to clear its debts. ArcelorMittal said in October the company would pay a total of 420 billion rupees towards Essar Steel’s debt and put another 80 billion rupees into operations and profitability.

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History of this topic

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

Essar Group becomes debt-free after repaying $25 billion
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 …

ArcelorMittal Nippon Steel to invest ₹1.02 lakh cr. in Odisha
3 years ago

ArcelorMittal Nippon Steel to invest ₹1.02 lakh cr. in Odisha

The Hindu  

The Odisha government on Friday approved ArcelorMittal Nippon Steel’s proposal to set up a 24 million tonne per annum integrated steel plant in Mahakalpara block of Kendrapara district at an estimated investment of ₹1.02 lakh crore. Touted to be the largest project in the country’s manufacturing sector, the proposed facility of AM/NS, would produce various grades of steel with its …

Orissa High Court Dismisses PIL Challenging Auction To ArcelorMittal Nippon Steel Limited
3 years, 11 months ago

Orissa High Court Dismisses PIL Challenging Auction To ArcelorMittal Nippon Steel Limited

Live Law  

In a big relief to ArcelorMittal Nippon Steel Limited, Tata Steel BSL Limited, and Bhushan Power and Steel Limited, the Division Bench comprising of Chief Justice S. Muralidhar and Justice C.R. The auction process for grant of Iron Ore blocks was initiated by the Government of Odisha for Ghoraburhani-Sagasahi block, Kalamanga West block, Netrabandha-Pahar block, and the Letters of Intent …

ArcelorMittal chairman LN Mittal calls on Steek Minister Dharmendra Pradhan
4 years, 10 months ago

ArcelorMittal chairman LN Mittal calls on Steek Minister Dharmendra Pradhan

India TV News  

ArcelorMittal chief L N Mittal on Tuesday called on Union Steel Minister Dharmendra Pradhan and discussed ways to boost domestic steel consumption and make the sector more competitive. We had good discussions on sustainable energy, driving domestic steel demand, boosting steel consumption and making our steel and oil & gas industry more vibrant and competitive," Pradhan tweeted. ArcelorMittal has set …

How bankruptcy got redefined in India
5 years ago

How bankruptcy got redefined in India

Live Mint  

Mumbai: On 16 December, the day it closed its acquisition of Essar Steel India Ltd, ArcelorMittal SA, the world’s largest steel company and the new owner of the steel mill, held a closing party at The Oberoi in Mumbai. Evolution of IBC When Standard Chartered Bank and State Bank of India filed insolvency proceedings against Essar Steel in August 2017, …

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

ArcelorMittal, Nippon Steel complete acquisition of Essar Steel
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 …

Long turnaround road ahead for Lakshmi Mittal and Essar Steel
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 …

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 …

A precedent: on apex court ruling on Essar Steel
5 years, 1 month ago

A precedent: on apex court ruling on Essar Steel

The Hindu  

The Supreme Court’s judgment on Friday in the matter of Essar Steel’s bankruptcy is a landmark in the short history of insolvency and bankruptcy resolution in India. Apart from clearing the way for eventual sale of Essar Steel to ArcelorMittal, the verdict has clarified on important aspects of insolvency resolution that had been interpreted variously by the National Company Law …

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

Supreme Court clears the path for ArcelorMittal to acquire bankrupt Essar Steel
5 years, 1 month 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 …

Look forward to close Essar Steel acquisition soon: ArcelorMittal
5 years, 1 month 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 …

Opinion: The Essar ruling and a sigh of relief
5 years, 1 month 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 …

Steel stocks rebound from SC order in Essar Steel insolvency case
5 years, 1 month ago

Steel stocks rebound from SC order in Essar Steel insolvency case

Live Mint  

New Delhi: Steel stocks rebounded on Friday after the initial trades saw them falling sharply in the wake of the Supreme Court order that cleared the way for the world’s largest steel maker, ArcelorMittal, to acquire the insolvent Essar Steel. The SC set aside the National Company Law Appellate Tribunal order that had brought operational creditors on par with financial …

SC on Essar Steel: CoC decision final; ruling clears way for ArcelorMittal
5 years, 1 month 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 …

ArcelorMittal to shut Saldanha steel plant in South Africa
5 years, 1 month ago

ArcelorMittal to shut Saldanha steel plant in South Africa

India TV News  

ArcelorMittal's South Africa unit on Monday announced it was shutting its steel operations at Saldanha, which was suffering "severe financial losses". The company, majority-owned by ArcelorMittal, announced on its website that "568 people work at the plant which has produced steel products for more than two decades." As part of a strategic review of its operations, the steel manufacturer found …

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

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

Lenders to Essar Steel move Supreme Court against NCLAT ruling
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 …

Lenders to move Supreme Court against NCLAT order on higher payout to Essar Steel's operational creditors: SBI chief
5 years, 5 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 …

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 …

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

LN Mittal suppressed vital facts, allege Ruias
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 …

Essar Steel shareholder seeks rejection of ArcelorMittal bid
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 …

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

Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed
5 years, 8 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, 8 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 …

Supreme Court halts ArcelorMittal’s payment for Essar Steel
5 years, 8 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 …

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 readies India team to run Essar Steel
5 years, 9 months ago

ArcelorMittal readies India team to run Essar Steel

Live Mint  

Mumbai: As ArcelorMittal SA inches closer to its first acquisition in India, the Luxembourg-based steel giant is readying a crack team that can take control of Essar Steel as soon as the deal is completed. ArcelorMittal has given Korn Ferry the mandate to review the management team at Essar Steel and hire for senior positions, said two other people aware …

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

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

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 …

Essar Steel takeover: NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seeks fresh distribution plan for bid amount
5 years, 9 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 …

Essar Steel lenders said to mull higher payout to Standard Chartered
5 years, 9 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 …

Prashant Ruia seeks to stop Lakshmi Mittal’s homecoming
5 years, 9 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 …

Homecoming costs Lakshmi Mittal $7 billion in year of legal drama
5 years, 9 months ago

Homecoming costs Lakshmi Mittal $7 billion in year of legal drama

Live Mint  

It’s been a tough year as India’s fourth-richest man has struggled to return to his roots. Mittal’s global giant ArcelorMittal is finally nearing the end of a yearlong battle to break into India with the $5.9 billion acquisition of Essar Steel India Ltd. Brothers Pramod and Vinod Mittal eventually sold their debt-laden local steel business, while ArcelorMittal gained a foothold …

Resolution, at last: on Essar Steel case
5 years, 9 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 …

ArcelorMittal nears India foray as NCLT clears Essar Steel takeover
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 …

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

NCLAT extends deadline for NCLT Ahmedabad to decide on Essar Steel insolvency case by Feb 19
5 years, 10 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 …

Essar Steel insolvency case: Operational creditors on tenterhooks
5 years, 10 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 …

BPCL seeks liquidation of Essar Steel
5 years, 11 months ago

BPCL seeks liquidation of Essar Steel

Live Mint  

Bharat Petroleum Corp Ltd today sought the liquidation of the assets of Essar Steel India Ltd at a bankruptcy court. The public sector oil company objected to ArcelorMittal’s resolution plan, which, it said, sidestepped dues to operational creditors like BPCL. Challenging this, the counsel for BPCL today said there was no reason to believe that Essar Steel would not receive …

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

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

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