ArcelorMittal, which was declared the highest bidder for debt-laden Essar Steel, on Thursday moved the Supreme Court against a part of the order of the National Company Law Appellate Tribunal (NCLAT)
JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters.
The State Bank of India-led committee of creditors (CoC) of the debt-laden Essar Steel on Friday approached the Supreme Court, challenging last week’s National Company Law Appellate Tribunal (NCLAT) order that reduced its share of the sale proceeds from 90% to 60%,
Global steel giant ArcelorMittal confirmed Wednesday that its Italian arm AMI has raised concerns with the government about the Crescita law decree which removes the existing legal safeguards to operate the facility. The law decree is expected to be ratified into law by June 29.
As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts – Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed.
In an exclusive interview with ET, Sajjan Jindal, chairman of JSW Steel , the largest Indian steelmaker by market capitalization, said that his budget for the alloy-maker may have been just about half of what the European steelmaker is paying.
The principal bench of the National Company Law Tribunal (NCLT) on Thursday approved Tata Steel’s nearly Rs 800-crore bid to acquire Bhushan Energy. The NCLT, while approving this bid, also rejected Bhushan Energy’s former promoter Neeraj Singhal’s objections to Tata Steel’s bid for the debt-laden company.
ArcelorMittal is exploring a joint offer with Resurgent Power Ventures Pte to buy an Essar Power generation plant in India, according to people with knowledge of the matter.
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.