ArcelorMittal, which surpassed the one-time settlement offer of Essar promoters for 2×600 MW Mahan thermal power project in Madhya Pradesh, will submit its bid by April 22. The bid will then be opened for Essar to match the offer, bankers close to the development told FE.
In what may delay its plans to enter India, the Supreme Court on Friday halted ArcelorMittal from making Rs 42,000 crore payment to Essar Steel’s lenders, Bloomberg reported. The apex court also directed to maintain status quo with respect to the NCLT’s last order, the report added.
The committee of creditors (CoC) in the Essar Steel insolvency case is likely to vote against higher payments to Standard Chartered, but may partly increase the amount operational creditors get as part of the settlement offered by ArcelorMittal, said people with knowledge of the matter.
Essar Steel Committee of Creditors meet over distribution of ArcelorMittal Rs 42,000 crore, NCLAT to wait
The lenders of Essar Steel Wednesday informed the National Company Law Appellate Tribunal (NCLAT) that meeting of the Committee of Creditors of the debt-ridden firm is going on over distribution of Rs 42,000 crore coming from the resolution plan of global steel major ArcelorMittal.
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).