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
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
Essar Steel India Ltd sought a liquefied natural gas (LNG) cargo on an online trading platform this week, three industry sources said on Thursday. The company, a unit of Indian commodity conglomerate Essar Group
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
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)