Operational creditors (OCs) to Bhushan Power and Steel (BPSL) on Tuesday raised objections over the committee of creditors (CoC)-approved plan before the National Company Law Tribunal (NCLT), terming it as “discriminatory”.
In a victory of sorts, ArcelorMittal’s `42,000-crore resolution plan for the bankrupt Essar Steel received a conditional nod from the National Company Law Appellate Tribunal (NCLAT) on Monday.
ArcelorMittal’s Rs 42,000 crore resolution plan for takeover of bankrupt Essar Steel has received a final go ahead from NCLAT, TV news channels reported. The Lakshmi Mittal-run steel major has been asked by the tribunal to deposit the amount with the Committee of Creditors (CoC).
Creditors to Essar Steel are weighing three options, one of which might be put before an appellate bankruptcy court on Monday, as they seek to draw to a close the insolvency proceedings that have dragged on for about two years.
Cash-strapped IL&FS Group will receive first set of bids under asset monetization process on Monday as part of resolution process, according to sources.
The National Company Law Appellate Tribunal (NCLAT) on Friday refused to stay the order of the Ahmedabad bench of the National Company Law Tribunal approving ArcelorMittal’s `42,000-crore resolution plan for Essar Stee
The National Company Law Appellate Tribunal (NCLAT) told Essar Steel Asia Holdings (ESAH) to withdraw its appeal against the rejection of its Rs 54,389-crore offer for Essar Steel, possibly making it harder for the Ruias to regain control of the asset.
Amid challenging times and legal tangles over its copper plant in southern India, Vedanta Group on Friday announced the appointment of Pankaj Kumar as the chief executive officer of Sterlite Copper with immediate effect, replacing P Ramnath.
The National Company Law Appellate Tribunal Friday refused to stay a bankruptcy court order approving steel giant ArcelorMittal’s Rs 42,000 crore takeover bid for Essar Steel and sought a fresh plan for the distribution of bid amount between financial and operational creditors of the debt-laden firm.
Vedanta Ltd on Friday named metals industry veteran Pankaj Kumar as Sterlite Copper chief executive, amid struggles to reopen its smelter in southern India that was shut after police killed 13 demonstrators protesting against the plant.