ArcelorMittal’s Essar Steel Win Spells Loss For Gujarat

ArcelorMittal’s Essar Steel Win Spells Loss For Gujarat

The Gujarat government is set to lose as much as ₹1,150 crore if the dedicated bankruptcy court upholds the committee of creditors’ recommendation to accept the resolution plan of ArcelorMittal to acquire Essar Steel Ltd, said two senior officials close to the development.

ArcelorMittal wins Essar Steel auction with Rs 42,000-crore

ArcelorMittal wins Essar Steel auction with Rs 42,000-crore

ArcelorMittal said on Friday that Essar Steel creditors voted in favour of its Rs 42,000-crore bid and have issued a letter of intent to sell the asset to the company. The development indicates that the lenders haven’t entertained the Ruia family’s Rs 54,389-crore last-minute

ArcelorMittal wins majority stake in Essar Steel buyout

ArcelorMittal wins majority stake in Essar Steel buyout

The committee of creditors of the debt-laden Essar Steel India Ltd. has chosen ArcelorMittal SA and Japan’s Nippon Steel & Sumitomo Metal Corp as the winning bidders for the asset, Nippon Steel said in a statement on Friday.

Essar Steel lenders clear ArcelorMittal-Nippon Steel’s resolution plan

* If the plan is cleared by the NCLT, it will also mark the Luxembourg-headquartered company’s India entry. * Essar Steel was one of the first 12 large defaulters to be identified by RBI last year to be sent to NCLT for insolvency proceedings.

Essar Steel lenders clear ArcelorMittal-Nippon Steel’s resolution plan

Over 92 percent of Essar Steel’s committee of creditors (CoC) voted in favour of ArcelorMittal-Nippon Steel’s resolution plan, said people familiar with the matter. Under the Insolvency and Bankruptcy Code (IBC)

Essar Steel may script big IBC success; ArcelorMittal’s higher offer may result in minimal haircut to lenders

One of the reasons behind Essar Steel case, which may script a big success under the IBC is section 29A -- the ineligibility clause included in a hurry to bar wilful defaulters, defaulter promoters and related parties from bidding for any other NPA account.

Essar Steel may script big IBC success; ArcelorMittal’s higher offer may result in minimal haircut to lenders

Lenders of bankrupt Essar Steel are now looking at minimal haircut as top bidder ArcelorMittal has revised its offer up to Rs 42,000 crore against the total claim of Rs 49,000 crore. Furthermore, other companies are also looking

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