Essar Steel Insolvency Case
Essar Steel Insolvency Case News
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
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
After losing their case in NCLT and NCLAT, ArcelorMittal had moved the Supreme Court, which on 4 October had allowed them to bid for Essar Steel provided they cleared their dues to their lenders.
Essar Steel Insolvency case: NCLAT asks Rewant to file affidavit over his association with Ravi Ruia
The National Company Law Appellate Tribunal also declined to allow the requests of Committee of Creditors (COC) of Essar Steel to open the second round of bids.