ArcelorMittal’s Rs 42,000 crore resolution plan for takeover of bankrupt Essar Steel has received a final go ahead from NCLAT, TV news channels reported. The Lakshmi Mittal-run steel major has been asked by the tribunal to deposit the amount with the Committee of Creditors (CoC).
Creditors to Essar Steel are weighing three options, one of which might be put before an appellate bankruptcy court on Monday, as they seek to draw to a close the insolvency proceedings that have dragged on for about two years.
The National Company Law Appellate Tribunal (NCLAT) told Essar Steel Asia Holdings (ESAH) to withdraw its appeal against the rejection of its Rs 54,389-crore offer for Essar Steel, possibly making it harder for the Ruias to regain control of the asset.
The National Company Law Appellate Tribunal Friday refused to stay a bankruptcy court order approving steel giant ArcelorMittal’s Rs 42,000 crore takeover bid for Essar Steel and sought a fresh plan for the distribution of bid amount between financial and operational creditors of the debt-laden firm.
With little possibility of the two big ticket IBC cases — Essar Steel and Bhushan Power and Steel — happening this fiscal, the Department of Financial Services (DFS) will meet the PSU banks on March 18 to review the status of their non-performing assets (NPAs).
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed promoters of Essar Steel to pay their dues, as per the orders of the Supreme Court, saying it would then “make room for” them.
Essar Steel’s former promoter Prashant Ruia along with two other directors of the erstwhile board of the steel maker Monday approached the National Company Law Appellate Tribunal (NCLAT) to thwart a last moment takeover of the debt-ridden firm by the global steel giant ArcelorMittal.
ArcelorMittal’s Rs 42,000-crore resolution plan for the debt-laden Essar Steel was on Friday approved by the Ahmedabad bench of the National Company Law Tribunal (NCLT).
The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd.
National Company Law Tribunal (NCLT) Ahmedabad is expected to pass its order Friday in the high-profile insolvency and bankruptcy code (IBC) case of Essar Steel in which ArcelorMittal has emerged as the winning bidder with Rs 42,000-crore offer.