NCLAT rejects Prashant Ruia's plea to block ArcelorMittal; approves bid for Essar Steel with modification
Essar Steel director Prashant Ruia had challenged that order saying ArcelorMittal was ineligible to bid under Section 29A of the Insolvency and Bankruptcy Code as it was associated with delinquent or loan defaulting firms.
Liberty Steel on Monday said it has acquired seven steel making units and five service centres from L N Mittal's ArcelorMittal in Europe for 740 million euros (around Rs 5,782 crore), according to a company statement
NCLAT reserves order on petitions against ArcelorMittal's Rs 42,000-crore takeover bid of Essar Steel
A two-member bench asked all parties, including ArcelorMittal, to file their written submissions over their submissions by Wednesday
Essar Steel insolvency case: ArcelorMittal tells NCLAT it will pay Rs 42,000 cr for acquisition of debt-laden firm
Senior advocate Harish Salve appearing for ArcelorMittal also accused Ruias, former Essar Steel promoters, of creating hurdles in the resolution process of the bankrupt steelmaker.
Insolvency resolution proceedings of Essar Steel had commenced on 2 August 2017
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.
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Arcelor paying Rs 39,500 cr to acquire Essar Steel, not Rs 42,000 cr, alleges Standard Chartered counsel
Orissa Slurry Pipeline Ltd, he said, is a separate entity owned by SREI Infrastructure and Essar Steel, and was not part of the original offer to sell Essar Steel.
Thyssenkrupp abandoned its long-planned merger of its steel business with the European operations of Tata Steel, which would have created the region’s Number 2 producer after ArcelorMittal, due to opposition from European Union regulators.
ArcelorMittal Q1 net income shrinks 66% to $0.4 bn; says profitability hit by lower pricing, global overcapacity
The world's largest steel-maker had posted a net income of $1.2 billion in the year-ago quarter, ArcelorMittal said in a statement.
Essar Steel insolvency case: Majority shareholders seek rejection of ArcelorMittal's Rs 42,000 crore bid
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 an affidavit before NCLAT, Arfin India -- an operational creditor of Essar Steel -- has submitted that details pertaining to the debt-laden firm's EBITDA
ArcelorMittal gets EC nod to sell European steel assets to Liberty House, transaction closing before end of first half of this year
The company also bid to acquire debt-laden Essar Steel through an insolvency auction
Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed
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.
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.
Essar Steel Committee of Creditors meets over distribution of Rs 42,000 crore; NCLAT to wait for the outcome
The NCLAT had on 20 March asked the resolution professional of Essar Steel to call for a fresh meeting of its CoC to reconsider distribution of Rs 42,000 crore fund
Lakshmi Mittal helps younger brother Pramod settle Rs 2,210 cr State Trading Corporation dues, avoid legal troubles
Lakshmi Mittal has extended Rs 1,600 crore financial help to Pramod Mittal, which rescued him from various criminal and other proceedings, sources said
The NCLAT on Wednesday asked the resolution professional of Essar Steel to call a fresh meeting of CoC to discuss the distribution of Rs 42,000 crore coming from ArcelorMittal's resolution plan
NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 crore resolution plan for debt-ridden Essar Steel
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
Essar Steel takeover: NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seeks fresh distribution plan for bid amount
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.