Arcelormittal

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Arcelormittal - Total results - 155
Pay all bad loans first, then we will consider your resolution package for Essar Steel: NCLAT to Ruias
Business

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 Essar Steel directors approach NCLAT against takeover of the company by ArcelorMittal
Business

Three Essar Steel directors approach NCLAT against takeover of the company by ArcelorMittal

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

ArcelorMittal's takeover bid for debt-ridden Essar Steel approved by NCLT Ahmedabad
Business

ArcelorMittal's takeover bid for debt-ridden Essar Steel approved by NCLT Ahmedabad

NCLT approved ArcelorMittal’s bid in October, even as Essar’s founders—the billionaire Ruia family—tried to hold onto the company

Daily Bulletin: Rahul to launch Lok Sabha campaign in Telangana, Karnataka; AG's U-turn on 'stolen' Rafale documents; day's top stories
India

Daily Bulletin: Rahul to launch Lok Sabha campaign in Telangana, Karnataka; AG's U-turn on 'stolen' Rafale documents; day's top stories

Today's top stories: Congress president Rahul Gandhi to launch the Congress' Lok Sabha election campaign in Telangana, Priyanka Gandhi to visit Lucknow, KK Venugopal makes a U-turn on Rafale statement, and more

Mukesh Ambani is 13th richest on Forbes World's Billionaire list; Amazon founder Jeff Bezos retains top spot
Business

Mukesh Ambani is 13th richest on Forbes World's Billionaire list; Amazon founder Jeff Bezos retains top spot

Mukesh Ambani, 61, saw wealth soar from $40.1 billion in 2018 when he was placed 19th richest in the world, to $50 billion to be rank at 13th in 2019.

NCLAT directs NCLT Ahmedabad to take call on ArcelorMittal's Essar Steel bid by 8 March
Business

NCLAT directs NCLT Ahmedabad to take call on ArcelorMittal's Essar Steel bid by 8 March

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
Business

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
Business

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
Business

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
Business

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

Three years on, bankruptcy reform languishes in courts; bankers offload bad debts at fire sale prices
Business

Three years on, bankruptcy reform languishes in courts; bankers offload bad debts at fire sale prices

The Insolvency and Bankruptcy Code allows even small creditors to file insolvency petitions against a company that had defaulted on debt

ArcelorMittal owns 99.76% voting rights in KSS Petron; will lead creditors’ panel to decide on EPC firm's revival plan
Business

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
Business

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.

Essar Steel insolvency case: NCLAT asks NCLT Ahmedabad to take decision by 31 January
Business

Essar Steel insolvency case: NCLAT asks NCLT Ahmedabad to take decision by 31 January

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
Business

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.

NCLT reserves order on Essar Steel Asia's bid to retake management of crippled firm on 31 January
Business

NCLT reserves order on Essar Steel Asia's bid to retake management of crippled firm on 31 January

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
Business

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 moves NCLT against CoC selecting ArcelorMittal for Essar Steel
Business

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

Standard Chartered Bank claimed that ArcelorMittal's revised bid of Rs 42,000 crore was never considered by the CoC.

Essar Steel insolvency: GAIL, GETCO move NCLT seeking rejection of ArcelorMittal's takeover bid
Business

Essar Steel insolvency: GAIL, GETCO move NCLT seeking rejection of ArcelorMittal's takeover bid

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 Q3 net income declines 25% to $900 million; EBITDA increases 42% to $2.7 billion
Business

ArcelorMittal Q3 net income declines 25% to $900 million; EBITDA increases 42% to $2.7 billion

ArcelorMittal had posted net income of $1.2 billion in the year-ago period, the firm said in a statement