Pay all bad loans first, then we will consider your resolution package for Essar Steel: NCLAT to Ruias
The NCLAT also asked ArcelorMittal why it could not offer more for Essar Steel, which is worth of about Rs 54,000 crore, said the report.
Three directors of the erstwhile board of Essar Steel on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed the takeover of the company by ArcelorMittal
NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders—the billionaire Ruia family—tried to hold onto the company
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Earlier, on 29 January, NCLT Ahmedabad had 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.
ArcelorMittal says facing 'risks' like excess capex, delays on proposed acquisition of debt-laden Essar Steel
While ArcelorMittal and NSSMC currently expect to finance the joint venture through a combination of partnership equity (one-third) and debt (two-thirds), the exact ratio has not yet been determined
ArcelorMittal offers Rs 4,800 cr for stressed Essar Mahan power project, lenders to soon decide on proposal
In October last year, Essar Group commissioned both units of the Essar Mahan power plant.
Essar Steel insolvency case: NCLAT extends deadline for NCLT Ahmedabad to decide Rs 42,000 cr resolution plan submitted by ArcelorMittal by 19 February
The National Company Law Appellate Tribunal (NCLAT) on Tuesday granted a week more time to NCLT Ahmedabad to decide over the Rs 42,000 crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel
NCLT rejects Ruias' debt settlement proposal to retake Essar Steel; company hints at challenging verdict
If it is not challenged again, this opens the first major victory for the LM Mittal-run ArcelorMittal into the country
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ArcelorMittal owns 99.76% voting rights in KSS Petron; will lead creditors’ panel to decide on EPC firm's revival plan
The KSS Petron resolution professional informed Mumbai bench of the NCLT on Wednesday that 99.76 percent voting rights in the EPC company is with ArcelorMittal now.
SBI to sell debt in Essar Steel, invites EoI from financial institutions; move not to affect insolvency process
SBI, which is the largest creditor having total exposure of Rs 15,431.44 crore in Essar Steel, invited EoI from banks, asset reconstruction firms, and financial institutions for the proposed sale of its debt.
Earlier on 3 January, NCLAT had asked the Ahmedabad bench of NCLT to expeditiously take a final decision in the Essar Steel insolvency case
SBI plans to offload Essar Steel's bad loans worth over Rs 15,000 cr to recover dues, invites EoI from financial institutions
SBI said the resolution plan for the recovery of non-performing asset (NPA) has been approved and filed in NCLT Ahmedabad, according to which the minimum recovery to the bank is Rs 11,313.42 crore.
Essar Steel Asia Holdings told the bench that lenders not considering its debt settlement proposal, which was higher than its rival offer, is surprising
Banks, ArcelorMittal oppose Essar Steel proposal; claim it is against SC order and provisions of IBC
The same stand was taken by the resolution professional of bankrupt Essar Steel, saying it is "too late" for Essar Steel Asia Holding, which holds 72 percent shares in Essar Steel, to offer a settlement.
Standard Chartered Bank claimed that ArcelorMittal's revised bid of Rs 42,000 crore was never considered by the CoC.
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 41,987 crore out of total dues of Rs 49,395 crore of financial creditors. Operational creditors, under the plan, are to get just Rs 214 crore against the outstanding of Rs 4,976 crore.
ArcelorMittal had posted net income of $1.2 billion in the year-ago period, the firm said in a statement