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.
NCLT to pass order on Essar Steel insolvency case later today; ArcelorMittal favourite, all eyes on Ruias
The Ahmedabad bench of the National Company Law Tribunal (NCLT) will on March 8 deliver its verdict on the Essar Steel insolvency case. The case is listed to be heard in the second half of the day, and is number 10 on the Cause List.
A forum of operational creditors with over Rs 1 crore in admitted dues from Essar Steel has appealed to ArcelorMittal which is in the process of acquiring the debt-ridden company, to pay their dues as well.
Vedanta Ltd Wednesday said legal processes are in progress through state courts for reopening Sterlite Copper plant in Tuticorin. The Tamil Nadu government had in May last year ordered the state pollution control board to seal and “permanently” close the mining group’s copper plant following violent protests over pollution concerns.