ArcelorMittal has offered lenders Rs 4,800 crore for Essar’s 2×600 MW Mahan thermal power project in Madhya Pradesh, surpassing the Essar promoters’ one-time settlement offer of Rs 3,500 crore, a senior PFC official told FE.
The National Company Law Appellate Tribunal (NCLAT) on Thursday asked the NCLT Ahmedabad bench to expeditiously decide on the Essar Steel insolvency case, in which ArcelorMittal has emerged as the highest bidder.
Asserting that the “early harvest” through the Insolvency and Bankruptcy Code (IBC) has been “extremely satisfactory”, Finance Minister Arun Jaitley has said that he expects 12 big cases such as Bhushan Power
Bringing relief to thermal power plants owned by Tata, Adani and Essar groups, the Gujarat government Saturday passed an order to allow pass-through of higher cost of coal to end consumers, a source said.
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 GAIL (India) and Gujarat Energy Transmission Corporation (GETCO) last week approached the National Company Law Tribunal (NCLT) to recover their dues from Essar Steel, more operational creditors are expected to follow suit this week.
The Supreme Court on Monday extended a lifeline to the three troubled imported-coal-based power plants of Tata, Adani and Essar in Gujarat by allowing the Central Electricity Regulatory Commission (CERC) to amend their power purchase agreements (PPAs) to facilitate pass-through of future fuel price escalation subject to a cap.
Having settled 80 per cent of its corporate debt, the Essar Group is betting on its de-leveraged books to raise additional funds to back its bid to buy-back Essar Steel and finance expansion plans of its existing businesses.
ArcelorMittal said on Friday that Essar Steel creditors voted in favour of its Rs 42,000-crore bid and have issued a letter of intent to sell the asset to the company. The development indicates that the lenders haven’t entertained the Ruia family’s Rs 54,389-crore last-minute
Bankers are demanding a few thousand crores over ArcelorMittal’s offer of Rs 35,000 crore to transfer full control of debt-laden Essar Steel to the Londin-based firm. A meeting with bankers and the Luxembourg based steel company was inclusive till midnight and was yet to put to vote