Tag: Essar Steel

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, […]

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 […]

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 […]

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