The likelihood of National Company Law Tribunal rejecting or changing ArcelorMittal’s resolution plan for Essar Steel comes as a welcome relief for the operational creditors. Their grievance about playing second fiddle to the financial creditors is well justified.
Even as ArcelorMittal seems wary of the lack of a definitive and final word from the National Company Law Appellate Tribunal (NCLT) on how its bid amount of Rs 42,000 crore would be distributed among the creditors to Essar Stee
Simple Policy is needed for metal mining; Districts should be empowered to take decisions: Anil Agrawal, Vedanta
Anil Agrawal, the founder and Chairman, Vedanta Resources Plc, spoke about expected growth of his company and provided suggestions for the new government, whosoever comes to power, to take the country ahead during an interview with Swati Khandelwal, Zee Business. Edited Excerpts:
Metals magnate Anil Agarwal’s Vedanta Resources, which has interests in industries as diverse as nonferrous metals, iron ore and crude oil, is set to raise up to $1 billion from overseas investors in one of the biggest offshore bond deals this year.
Resource rich state oil firms, including ONGC, Indian Oil and Bharat Petroleum, plan to reward their tens of thousands of retired staff by offering cash that rises with their age, a move that would require hundreds of crores of rupees in funding.
The National Company Law Appellate Tribunal (NCLAT) or the National Company Law Tribunal (NCLT) cannot force the Committee of Creditors (CoC) of Essar Steel India Limited to change the terms of the resolution plan after it has been approved under Section 3 of the Insolvency and Bankruptcy Code (IBC)
State Bank of India has done well to approach the Supreme Court to challenge the National Company Law Appellate Tribunal (NCLAT) asking the Committee of Creditors (CoC) to reconsider its decision in the Essar Steel matter so as to ensure that operational creditors
The Serious Fraud Investigation Office (SFIO) on Monday arrested former IL&FS chairman Hari Sankaran in connection with the ongoing investigations into the financial affairs of the company and its group entities. He has been sent into SFIO custody till April 04.
Lenders to Essar Steel have decided to move the Supreme Court in the event the National Company Law Appellate Tribunal pressures them to pay unsecured financial creditors more than they are inclined to.
The committee of creditors (CoC) in the Essar Steel insolvency case is likely to vote against higher payments to Standard Chartered, but may partly increase the amount operational creditors get as part of the settlement offered by ArcelorMittal, said people with knowledge of the matter.