The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Kolkata bench of the National Company Law Tribunal which allowed initiation of insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of India’s largest miner Coal India.
The National Company Law Appellate Tribunal (NCLAT) has set aside the National Company Law Tribunal (NCLT) Kolkata bench’s order to start insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of Coal India, said an official on Thursday.
Pension funds and provident fund trusts, which collectively have invested ‘thousands of crores in bonds issued by IL&FS group, have filed intervening petitions in the National Company Law Appellate Tribunal
The Ahmedabad Bench of the NCLT on Wednesday reserved its order on a plea filed by the Ruias, the promoters of the distressed Essar Steel. The promoters had sought to claim their right to participate in the meetings of Essar Steel
ArcelorMittal’s wait for Essar Steel bankruptcy resolution has got longer with the NCLT verdict deferred to 19 February 2019, and the subsequent NCLAT hearing postponed to 28 February 2019.
The Supreme Court (SC) on Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to be heard by the National Company Law Tribunal (NCLT) before any decision was taken on ArcelorMittal’s bid for the company.
Defending itself against Standard Chartered Bank from diluting its bid for Essar Steel, ArcelorMittal on Thursday told the National Company Law Tribunal’s Ahmedabad Bench that lenders would gain more from the deal.
Reiterating its earlier claims, Standard Chartered Bank (SCB) on Tuesday sought to be treated equally with other members of the insolvent Essar Steel Ltd’s (ESL’s) committee of creditors (CoC) during repayment of dues under ArcelorMittal’s takeover bid.
The National Company Law Appellate Tribunal on February 4 turned down Tata Steel’s request to consider its bid as the ‘most legitimate” one for Bhushan Power & Steel.
In a major setback to the Ruia family, the Ahmedabad bankruptcy court today turned down Essar Steel Asia Holdings Ltd’ (ESAHL) bid to regain control over the bankruptcy ridden Essar Steel.