After a brief lull, the Essar Steel insolvency case is back in news again following the Supreme Court’s order for a status quo on its sale to ArcelorMittal. The apex court said it would take a decision only after receiving formal legal views of all parties involved, and that it would hear the matter after two weeks.
How did matters come to this pass in the Essar Steel case? ET explains:
How much does Essar Steel owe?
Essar Steel owes Rs 54,547 crore to its creditors — financial creditors and operational creditors combined. The company had been put on the block under IBC to recover the unpaid dues.
The Ahmedabad-bench of National Company Law Tribunal (NCLT) had on March 8 okayed the bid submitted by ArcelorMittal, led by steel tycoon Lakshmi Mittal, for the takeover of Essar Steel. Read More
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