Tough challenge for ArcelorMittal to complete Essar Steel buy

Tough challenge for ArcelorMittal to complete Essar Steel buy

After braving tough legal challenges to emerge as the successful resolution applicant for Essar Steel, the worlds largest steel maker ArcelorMittal might now face a tough challenge to go ahead with the buyout of a fully integrated steel facility in India amidst falling steel power and bleak outlook for the sector.

NCLAT reserves order on ArcelorMittal takeover of Essar Steel

NCLAT reserves order on ArcelorMittal takeover of Essar Steel

An appellate tribunal has reserved a final order on appeals against Arcelor Mittal’s Rs 42,000 crore resolution plan for debt laden Essar Steel. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) led by justice SJ Mukhopahdaya asked all parties to file final written submissions by Wednesday.

Essar Steel CoC may vote against higher payments to StanChart

Essar Steel CoC may vote against higher payments to StanChart

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.

1 2 3 8