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Articles for Kss Petron, search results for steel

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 …

Resolution Company Kss Coc Arcelormittal Petron Kss Petron
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 …

Steel Crore Mint Arcelormittal Essar Esil Essar Steel
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 …

Steel Crore Mint Letter Kss Uttam Arcelormittal
Supreme Court allows Arcelor, Numetal to rebid for debt-laden Essar Steel
6 years, 3 months ago

Supreme Court allows Arcelor, Numetal to rebid for debt-laden Essar Steel

Live Mint  

New Delhi: The Supreme Court on Thursday directed Numetal to clear all outstanding dues of not only Essar Steel Ltd but also bad debts of over one year of other Essar Group entities to be eligible to bid for the debt-laden steel maker. ArcelorMittal was also allowed by the court to submit revised resolution plans for Essar Steel provided it …

Resolution Steel Crore Nclt Dues Nclat Vedanta
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 …

Russia Order Nclat Bid Uttam Nclat Order Salve
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 …

Steel Second Crore Round Nclat Bid Offer
ArcelorMittal raises bid for Essar Steel to ₹42,000 crore
6 years, 4 months ago

ArcelorMittal raises bid for Essar Steel to ₹42,000 crore

Live Mint  

Mumbai: ArcelorMittal SA, the world’s largest steel maker, on Monday sharply raised its bid to acquire debt-laden Essar Steel Ltd to ₹ 42,000, said a person with direct knowledge of the matter. The National Company Law Appellate Tribunal in its judgement last Friday asked ArcelorMittal to first clear dues totaling ₹ 7,000 crore of Uttam Galva Steels Ltd and KSS …

Crore Bid Arcelormittal Essar Esil Essar Steel Kss Petron
Essar Steel insolvency: NCLAT says second round of bids by NuMetal, Vedanta are valid
6 years, 4 months ago

Essar Steel insolvency: NCLAT says second round of bids by NuMetal, Vedanta are valid

Firstpost  

New Delhi: The National Company Law Appellate Tribunal on Friday ruled that Russia’s VTB Capital-backed NuMetal’s second bid for Essar Steel is eligible but the same by ArcelorMittal will qualify only if it clears the Rs 7,000 crore dues of firms it was previously associated within three days. NuMetal and steel tycoon Lakshmi Mittal-led ArcelorMittal had in February submitted separate …

Steel Nclt Round Bench Nclat Bid Eligible
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, …

Steel Nclat Arcelormittal Essar Essar Steel Numetal Kss Petron
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 …

Steel Nclt Round Nclat Kss Salve Arcelormittal
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 …

Steel Nclat Bid Essar Essar Steel Numetal Kss Petron