Sterlite Copper Wednesday expressed hope that it will resume operations in the next couple of months at its Tutocrin plant which was shut after 13 people died during protests a year ago.
An appellate tribunal has reserved a final order on appeals against Arcelor Mittal’s Rs 42,000 crore resolution plan for debt laden Essar Steel. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) led by justice SJ Mukhopahdaya asked all parties to file final written submissions by Wednesday.
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.
The lenders of Essar Steel Thursday informed the NCLAT that out of Rs 42,000 crore coming from the resolution plan of ArcelorMittal, Rs 2,500 crore has been marked as the working capital of the debt-laden firm.
The National Company Law Appellate Tribunal on Tuesday pulled up the Ruias for their last-minute application to reject ArcelorMittal’s Rs 42,000-crore bid for Essar Steel, saying such steps were stalling the company’s insolvency resolution process.
For several months now, the Ruias who led Essar Steel towards financial ruin by borrowing too much, have been trying to trip and/or sabotage a resolution of its humongous loan default. First, they tried to get back into the game by indirectly bidding for the company through Numetal.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday preponed its scheduled hearing over the resolution process of debt-ridden firm Essar Steel to May 7. The Committee of Creditors (CoC) of the company had moved an urgent plea to seek an early hearing in this matter.
The State Bank of India on Monday filed a recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) here in Gujarat. Essar Steel Lenders led by the SBI are saddled with dues of over Rs 63,000 crore, including overdue interest and penalties.
Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.
JSW Steel’s cost for Bhushan Power and Steel’s acquisition has increased and at the same time banks awaiting payday from the stressed asset are feeling jittery as fresh litigation has hit the debt resolution of the company.