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.

All about Essar Steel case and the latest twist in the tale

All about Essar Steel case and the latest twist in the tale

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.

Why SC stayed NCLAT ruling on Essar Steel

Why SC stayed NCLAT ruling on Essar Steel

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

Essar Steel: Lenders may take a Rs 20,000 crore hit

Essar Steel: Lenders may take a Rs 20,000 crore hit

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.

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.

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