In a victory of sorts, ArcelorMittal’s `42,000-crore resolution plan for the bankrupt Essar Steel received a conditional nod from the National Company Law Appellate Tribunal (NCLAT) on Monday.
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).
ArcelorMittal’s Rs 42,000 cr for Essar Steel: Distribute equitably among creditors, others, advises NCLAT
The National Company Law Tribunal (NCLT) has advised Essar Steel’s committee of creditors (CoC) and resolution professional (RP) to consider a judicious distribution of Rs 42,000 crore among financial creditors (FC) and other stakeholders as part of its ruling on the various petitions related to Essar Steel
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.
ArcelorMittal’s Rs 42,000-crore resolution plan for the debt-laden Essar Steel was on Friday approved by the Ahmedabad bench of the National Company Law Tribunal (NCLT).
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.
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Thursday rejected two pleas by lender Karur Vysya Bank (KVB) which sought to reject ArcelorMittal’s resolution plan for Essar Steel India Limited (ESIL) citing pending dues from ArcelorMittal in KSS Petron.
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.
Global steel giant ArcelorMittal has said that it is staring at various risks including excess capital expenditure and delays in achieving commercial objectives in view of its proposed acquisition of debt-laden Essar Steel India.