ArcelorMittal says it has completed acquisition of Essar Steel
NEW DELHI: Global steel giant ArcelorMittal on Monday said it has completed acquisition of Essar Steel and formed a joint venture with Nippon Steel (AM/NS India) to own and operate the debt-ridden firm. The deck for acquisition of Essar Steel for Rs 42,000 crore by L.N. Mittal-led company was cleared by the Supreme Court last […]
Supreme Court paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore
NEW DELHI: The Supreme Court on Friday paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors. A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors […]
NCLT approves ArcelorMittal’s Rs 45,000 crore Essar Steel takeover plan
NEW DELHI: The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday approved AreclorMittal’s Rs 45,000 crore resolution plan for the insolvent Essar Steel. The committee of creditors of bankrupt Essar Steel had chosen ArcelorMittal as the highest bidder and submitted the Rs42,000-crore plan of the world’s largest steel maker before the NCLT […]
Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel
NEW DELHI: 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. Standard Chartered Bank (SCB), which has more than 7.5% weightage in the Committee of Essar Steel Creditors, […]
Essar Steel shareholders offer to pay Rs 54,389 crore to clear dues
NEW DELHI: Shareholders of embattled Essar Steel on Thursday offered to pay Rs 54,389 crore, including an upfront cash payment of Rs 47,507 crore, to clear all dues owed to lenders. The move aims at pulling the company out of insolvency proceedings. The proposal was made as the Committee of Essar Steel Creditors voted on […]
ArcelorMittal emerges as highest bidder for Essar Steel
NEW DELHI: Global steel giant ArcelorMittal said on Friday it has been selected as preferred bidder for the debt-laden Essar Steel by the Committee of Creditors. The Lakshmi Mittal-owned company, which is the world’s largest steel maker has been on a murky legal battle with other bidders, especially the Russian VTB Bank-promoted NuMetal to take […]
JSW Steel seeking legal opinion for Essar Steel solo bid
NEW DELHI: JSW Steel Ltd is seeking a legal opinion if it can bid solo for stressed assets of Essar Steel if fresh bids were allowed, joint managing director Seshagiri Rao said on Tuesday. “It depends upon the legal opinion and the view of the CoC (committee of creditors) and the resolution professional (RP). If […]
Supreme Court of India allows ArcelorMittal, NuMetal to bid for Essar Steel
NEW DELHI: The Supreme Court of India on Thursday granted one more opportunity to mining major ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel if they clear their Non-Performing Asset (NPA) dues in two weeks. A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible […]