MDMK general secretary Vaiko has filed an impleading petition in the Madras High Court opposing Vedanta’s plea to permit reopening of Sterlite copper smelting plant at Meelavittan village in Thoothukudi district.
The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the resolution professional of Essar Steel to call a fresh meeting of committee of creditors (CoC) to discuss distribution of the ₹42,000 crore coming in from ArcelorMittal.
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).
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.
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed promoters of Essar Steel to pay their dues, as per the orders of the Supreme Court, saying it would then “make room for” them.
The National Company Law Appellate Tribunal (NCLAT) will on Thursday hear a petition moved by promoters of Essar Steel India Limited against the National Company Law Tribunal (NCLT) Ahmedabad’s judgement approving ArcelorMittal’s resolution plan for debt-laden Essar Steel.
Essar Steel’s former promoter Prashant Ruia along with two other directors of the erstwhile board of the steel maker Monday approached the National Company Law Appellate Tribunal (NCLAT) to thwart a last moment takeover of the debt-ridden firm by the global steel giant ArcelorMittal.
The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd.