SBI plans to sell over Rs 15,000 crore worth bad loans belonging to Essar Steel to recover its dues from the debt-laden steel maker. “State Bank of India (SBI) invites expression of interest (EoI) from banks/ARCs/NBFCs/FIs for the
The Ahmedabad bench of the National Company Law Tribunal (NCLT) said Monday it will pronounce before 31 January its order on a petition filed by Essar Steel shareholders for submission of its proposal to settle dues worth ₹54,389 crore.
The National Company Law Appellate Tribunal (NCLAT) Thursday asked the Ahmedabad bench of National Company Law Tribunal (NCLT) to expeditiously take a final decision in the Essar Steel insolvency case, where ArcelorMittal emerged as the highest bidder.
Can’t Steel The Deal: Lenders Reject Arcelor’s Bid To Buy Essar Firm At 93 Per Cent Discount; Fresh Bids Soon
Lenders to EPC Constructions India Ltd have called for fresh bids after rejecting an offer from Arcelor Mittal because they found it to be below their expectations, Mint has reported. EPC Constructions India Ltd
Essar Steel Asia Holdings (ESAHL) argued on Monday that the Supreme Court’s October order does not bar the National Company Law Tribunal or the Essar Steel lenders from considering the settlement offer proposed by it ‘for and on behalf of Essar Steel’.
The lenders of bankrupt Essar Steel on Wednesday told the Ahmedabad bench of the National Company Law Tribunal (NCLT) that the last-minute offer by the company’s promoters to pay Rs 54,389 crore should be dismissed as it is “not maintainable”.
After filing a caveat petition in late October against ArcelorMittal SA’s resolution plan for Essar Steel which left Standard Chartered left out in the cold, the London-based bank has approached the Ahmedabad bench of the National
The Standard Chartered Bank’s petition against Essar Steel’s Committee of Creditors (CoC) at the National Company Law Tribunal (NCLT) raises transparency issue that could undermine the bankruptcy proceeding under the Insolvency & Bankruptcy Code, legal experts said.
Following several operational creditors challenging the decision of Essar Steel’s Committee of Creditors (CoC) to sell the debt-ridden steel major to ArcelorMittal at the National Company Law Tribunal (NCLT), Standard Chartered Bank (SCB) has followed suit.
Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to takeover debt-ridden Essar Steel, saying the decision was “illegal” and was taken without considering its claims.