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.
The Supreme Court on Wednesday gave a week’s time to the operational creditors of bankrupt Essar Steel to challenge the new amendments to the Insolvency and Bankruptcy Code, which granted more powers to the lenders.
The recent amendments to the Insolvency and Bankruptcy Code (IBC), passed by Parliament and awaiting assent of the President, were brought to the notice of the Supreme Court by a section of creditors on Wednesday
After a brief lull, the Essar Steel insolvency case is back in news again following the Supreme Court’s order for a status quo on its sale to ArcelorMittal. The apex court said it would take a decision only after receiving formal legal views of all parties involved, and that it would hear the matter after two weeks.
On Monday, the Supreme Court stayed a controversial order by the National Company Law Appellate Tribunal (NCLAT) about the resolution of Essar Steel. The next hearing will be on August 7. On July 4, the NCLAT had given an unexpected ruling that
The State Bank of India-led committee of creditors (CoC) of the debt-laden Essar Steel on Friday approached the Supreme Court, challenging last week’s National Company Law Appellate Tribunal (NCLAT) order that reduced its share of the sale proceeds from 90% to 60%,
ArcelorMittal’s `42,000-crore resolution plan for Essar Steel was on Thursday approved by the National Company Law Appellate Tribunal (NCLAT), but lenders are staring at a `20,000-crore hit after the appellate tribunal said operational creditors be given 60.7% of their admitted claims.
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.
Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.
Standard Chartered Bank Tuesday slammed Essar Steel’s Committee of Creditors (CoC) for holding “secret” negotiations with ArcelorMittal, resulting in “illegality” that reduced bid amount and jeopardised its interest.