The resolution process for Essar Steel’s bankruptcy is getting entangled each coming day. As soon as the Committee of Creditors (CoC) chose Lalshmi Mittal’s ArcelorMittal as Essar Steel buyer, a massive list of 29 operation creditors
New twist in Essar Steel IBC case! This operational creditor wants Ruias’ offer over ArcelorMittal; here’s why
Weeks after the Committee of Creditors (CoC) of bankrupt Essar Steel selected the take-over bid submitted by ArcelorMittal, arguably ignoring last-minute settlement offer made by the company’s stakeholders
Rs 30,000 Crore Steel Plant In Karnataka’s Mineral Heartland: ArcelorMittal Revives Ballari Plant Proposal
World’s largest Steel Maker ArcelorMittal, which had shelved its plans for a six-million-tonne per annum (MTPA) steel plant in Ballari at an estimated investment of Rs 30,000 crore two years ago due to lack of raw material linkage
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’s acquisition of Essar Steel is a done deal despite attempts by erstwhile promoters, the Ruias, to retain the asset, said bankers with knowledge of the matter. On the other hand, a final decision on the matter may be delayed
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 said Essar Steel’s creditors put the seal on its acquisition of the bankrupt company, a day after the erstwhile promoters sought to make a last-minute bid to regain control.
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.
* 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.
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.
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