Essar Steel insolvency: Numetal questions ArcelorMittal's eligibility to bid for debt-ridden company under IBC
6 years, 6 months ago

Essar Steel insolvency: Numetal questions ArcelorMittal's eligibility to bid for debt-ridden company under IBC

Firstpost  

Numetal said ArcelorMittal should have first cleared dues by making upfront payment before submitting its resolution plan for Essar Steel New Delhi: Russia’s VTB Capital-backed Numetal Ltd, which is in the race to acquire Essar Steel, on Monday alleged that rival ArcelorMittal India Ltd is not eligible to bid for the debt-ridden company under the IBC as it was the promotor of two defaulting companies Uttam Galva and KSS Petron. During the proceedings of the National Company Law Appellate Tribunal, Numetal submitted that as per the rules of the Insolvency & Bankruptcy Code, ArcelorMittal should have first cleared the dues by making upfront payment before submitting its resolution plan for Essar Steel. The NCLAT on 22 May ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of Numetal and ArcelorMittal over the bidding eligibility. Numetal faced disqualification as its 25 per cent stake was owned by Aurora Trust of Ruia family, the promoters of Essar Steel then while ArcelorMittal’s first bid was rejected because of it holding shares in loan defaulting companies Uttam Galva Steel and KSS Petron.

Steel Nclat Bid Essar Essar Steel Numetal Kss Petron Uttam Galva Ibc Arcelormittal  numetal  eligibility  upfront  steel  nclat  tribunal  questions  debtridden  essar  round  uttam  insolvency  ibc  arcelormittal  company  bid

History of this topic

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]
4 years, 4 months ago

NCLAT Upholds NCLT's Order : No Insolvency Proceedings Against Tata Chemicals [Read Order]

Live Law  

The National Company Law Appellate Tribunal dismissed an appeal filed by Allied Silica Limited challenging the NCLT, Mumbai bench's order that had rejected the insolvency application for initiating Corporate Insolvency Resolution Process against Tata Chemicals Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. In 2018, Tata Chemicals had entered into a Business Transfer Agreement for the transfer …

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 …

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, 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 …

Look forward to close Essar Steel acquisition soon: ArcelorMittal
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 …

Opinion: The Essar ruling and a sigh of relief
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 …

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

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 …

Apex court stays NCLAT verdict in Essar Steel insolvency case
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 …

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, 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 …

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 …

ArcelorMittal resolution plan violates Insolvency & Bankruptcy Code, says Prashant Ruia to NCLAT
5 years, 8 months ago

ArcelorMittal resolution plan violates Insolvency & Bankruptcy Code, says Prashant Ruia to NCLAT

Firstpost  

Until 31 December 2018, Mittal was a shareholder of Navoday Consultants, which in turn was a shareholder in certain companies run by his brothers Pramod and Vinod Mittal, which had defaulted on bank loans. New Delhi: Prashant Ruia, the promotor of debt-ridden Essar Steel, Wednesday submitted before the National Company Law Appellate Tribunal that the resolution plan moved by ArcelorMittal …

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, 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 …

Supreme Court halts ArcelorMittal’s payment for Essar Steel
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 …

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 …

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, 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 …

Essar Steel lenders said to mull higher payout to Standard Chartered
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 …

Prashant Ruia seeks to stop Lakshmi Mittal’s homecoming
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 …

Resolution, at last: on Essar Steel case
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 …

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 …

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, 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 …

Essar Steel insolvency case: Operational creditors on tenterhooks
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 …

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 …

NCLT turns down Essar Steel promoters’ plea for settlement plan
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 …

Our offer better than ArcelorMittal’s proposal: Essar Steel
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 …

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

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

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 …

Standard Chartered Bank moves NCLT against CoC selecting ArcelorMittal for Essar Steel
6 years, 1 month ago

Standard Chartered Bank moves NCLT against CoC selecting ArcelorMittal for Essar Steel

Firstpost  

Standard Chartered Bank claimed that ArcelorMittal’s revised bid of Rs 42,000 crore was never considered by the CoC. Standard Chartered Bank, which has more than 7.5 percent weightage in the Committee of Essar Steel Creditors, in the petition before the National Company Law Tribunal claimed that ArcelorMittal’s revised bid of Rs 42,000 crore was never considered by the CoC. Earlier …

GAIL move NCLT seeking rejection of ArcelorMittal bid for Essar Steel
6 years, 1 month ago

GAIL move NCLT seeking rejection of ArcelorMittal bid for Essar Steel

Deccan Chronicle  

Ahmedabad: State-run gas utility GAIL and Gujarat Energy Transmission Corp have moved the National Company Law Tribunal seeking rejection of ArcelorMittal's Rs 42,000-crore takeover plan for Essar Steel, saying operational creditors have been left out in the proposal. Last month, a committee of Essar Steel lenders picked ArcelorMittal's Rs 42,000-crore proposal to take over the debt-laden company by paying Rs …

Operational creditors move NCLT against ArcelorMittal takeover of Essar Steel
6 years, 2 months ago

Operational creditors move NCLT against ArcelorMittal takeover of Essar Steel

Live Mint  

Ahmedabad: ArcelorMittal’s move to buy Essar Steel faces yet another challenge with operational creditors approaching the National Company Law Tribunal, Ahmedabad bench, for being ignored in Arcelor’s bid that has been accepted by the committee of creditors. After unsecured creditors, including Standard Chartered Bank and Deutsche Bank, challenged ArcelorMittal’s bid last month in the Essar Steel insolvency case, as many …

Operational creditor moves NCLT against ArcelorMittal takeover of Essar Steel
6 years, 2 months ago

Operational creditor moves NCLT against ArcelorMittal takeover of Essar Steel

Deccan Chronicle  

Ahmedabad: An operational creditor of Essar Steel on Tuesday filed an interlocutory application in the National Company Law Tribunal pleading that the debt settlement proposal made by shareholders of Essar Steel be considered as it would pay off all outstanding of both financial and operational creditors. Orissa Stevedores Ltd, which has Rs 20.46 crore in outstanding dues from Essar Steel, …

Essar Steel: Ruia’s Offer Is Bigger, But Is It Better?
6 years, 2 months ago

Essar Steel: Ruia’s Offer Is Bigger, But Is It Better?

The Quint  

This raises several legal questions as the Essar Steel insolvency process is all but over – pending the NCLT approval of ArcelorMittal’s plan. At the time Essar Steel was admitted to insolvency proceedings the Insolvency and Bankruptcy Code, 2016 had no provision for an insolvency application to be withdrawn once it was admitted by the NCLT. Question 1: Hence, is …

ArcelorMittal wins bid to buyout Essar Steel amid Ruias' last-ditch effort to retain control over company
6 years, 2 months ago

ArcelorMittal wins bid to buyout Essar Steel amid Ruias' last-ditch effort to retain control over company

Firstpost  

The world’s largest steelmaker ArcelorMittal on Friday said it has been chosen by the lenders to takeover debt-laden Essar Steel India Ltd for about Rs 42,000 crore. New Delhi: The world’s largest steelmaker ArcelorMittal on Friday said it has been chosen by the lenders to takeover debt-laden Essar Steel India Ltd for about Rs 42,000 crore. In a statement, ArcelorMittal …

Ruias bid to regain Essar Steel with late payment smells of moral hazard; banks and govt must look at non-cooperative behaviour
6 years, 2 months ago

Ruias bid to regain Essar Steel with late payment smells of moral hazard; banks and govt must look at non-cooperative behaviour

Firstpost  

There’s an old question: Are you single? In a sudden change of heart, mind and financial status this week, the Ruia family representing the leading shareholders of beleagured Essar Steel struggling to come out of bankruptcy has offered to pay Rs 54,000-crore to pay off dues owed to creditors including Rs 47,500-crore in upfront cash. All pointers from the latest …

ArcelorMittal wins, but Ruias’ repayment offer will test IBC
6 years, 2 months ago

ArcelorMittal wins, but Ruias’ repayment offer will test IBC

Live Mint  

Mumbai: The Ruia family has made a last-ditch effort to avert losing its flagship company Essar Steel Ltd to Laksmi Mittal’s ArcelorMittal SA. In a new twist to the takeover contest for debt-ridden Essar Steel, the Ruias have offered to pay ₹ 54,389 crore to the lenders, provided they withdraw an insolvency petition against the company. The remainder of ₹ …

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