In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with global steel giant ArcelorMittal for manufacturing high-end automotive steel. The definitive agreement in this regard, the company had said, will be finalised in due course subject to financial viability.
Following the Supreme Court verdict on Essar Steel resolution plan, global steel giant ArcelorMittal said expects to complete the acquisition of the debt-ridden company by the end of this year.
A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.
he National Company Law Tribunal (NCLT) approved its bid, which was recommended by a committee of lenders to Bhushan Power and Steel over rival bids by Tata Steel Ltd and Liberty House Group.
The bench was hearing a plea of the Committee of Creditors challenging NCLAT's order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000 crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.
The NCLAT Thursday cleared the takeover of Essar Steel by ArcelorMittal after it rejected all objections raised by the shareholders of the debt-ridden company. The National Company Law Appellate Tribunal (NCLAT), however, gave operational creditors equal footing into the proceeds of insolvency auction.
Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.
A two-member bench of NCLAT, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) does not pass any order by January 31, then it would call the matter and pass an order accordingly on the next date of hearing.
World's largest steel manufacturer ArcelorMittal and Russia's VTB Capital-backed Numetal are in a race to acquire debt-ridden Essar Steel.
Days after the National Company Law Appellate Tribunal (NCLAT) held the second round of bids for debt-laden Essar Steel valid, ArcelorMittal India put in a revised offer to the lenders of the company.
Lenders have also set an April 2 deadline for the second round of bidding Essar Steel that owes over Rs 45,000 crore to over 30 bankers.
ArcelorMittal today said it has entered into a joint venture pact with Nippon Steel & Sumitomo Metal Corporation (NSSMC) to jointly acquire the assets of Essar Steel.
World's largest steel company ArcelorMittal's Chairman and Chief Executive Officer Lakshmi N Mittal on Friday said they can create value in the debt-laden Essar Steel and also confirmed no bids were rejected yet.
Bids by ArcelorMittal and a consortium led by Russias VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.
Wilful defaulters or people who have diverted funds, as proved in the forensic audit, will not be allowed to participate in bidding for stressed companies, the SBI chairman said.
The Gujarat High Court may have settled the Essar Steel's objections to its inclusion for immediate bankruptcy proceedings, but its observations suggest that the RBI's battle against NPAs may not be free from legal challenge
The Ahmedabad bench of the tribunal granted time to Essar Steel till July 22 to file objections to the petitions moved by SBI and Standard Chartered against the company after the Gujarat High Court dismissed its petition
The case was being viewed as a landmark in the process to tackle bad loans under the newly formed NCLT. The verdict today paves way for lenders to intiate bankruptcy proceedings against Essar Steel
Essar Steel had moved the court against RBI's June 13 circular contending that the order was improper as the firm was in an advanced stage of loan restructuring
The Gujarat High Court on Tuesday stayed the insolvency proceedings filed against the Essar Steel by its lenders at the National Company Law Tribunal (NCLT) Ahmedabad branch till the next hearing on July 7
Top News
Latest News
