Page 4 - Essar Steel

Essar Steel insolvency: SC expresses reservation on redistribution of funds

Top court says will settle the issue of distribution of funds once and for all, hearing to begin August 7

Banks warn of 'severe plunge' in recoveries after bankruptcy ruling

Banks are joining foreign funds including SC Lowy in predicting risks from the Essar Steel sale

Essar Steel lenders to appeal against NCLAT order on creditors: SBI chief

SBI chairman Rajnish Kumar, whose bank has lent more than Rs 15,000 crore to Essar Steel, said the NCLAT verdict will discourage banks from taking stressed asset cases to the insolvency process

Essar Steel: NCLAT approves ArcelorMittal's bid with modifications

CoC to have no role in distribution of amount between operational and financial creditors, rules NCLAT

Posco inks Rs 5,000 cr MoU to lift one mn tonnes of HR products from Essar

MoU is the fourth such signed between the two firms; Posco says pending matter over Essar Steel's ownership hasn't impacted supplier's performance

Global majors, PE players pick up a larger slice of debt-laden Indian firms

Ballooning debt forces more and more Indian promoters to sell majority stakes

Essar Steel sets target of 7.43 mn tonnes crude steel production in FY20

The firm registered a revenue growth of 8.5 per cent at Rs 5,545 crore as against Rs 5,106 crore in the same period last year

Essar Steel: NCLAT questions 'magical accounting' by ArcelorMittal, CoC

During its submissions on Monday, ArcelorMittal had said that it would give Rs 42,000 crore as upfront payment

Will pay Rs 42,000 crore upfront for Essar Steel: ArcelorMittal to NCLAT

The statement made by ArcelorMittal is similar to the one made by Essar Steel India Limited's Committee of Creditors last week

Essar Steel's Ebitda during insolvency process at Rs 4,000 crore

The company has also accounted Rs 229 crore as Ebitda for March 2018, the appellate tribunal was said

ArcelorMittal resolution plan for Essar Steel violates IBC: Ruia to NCLAT

Prashant Ruia, the promotor of debt-ridden Essar Steel, Wednesday submitted before the National Company Law Appellate Tribunal that the resolution plan moved by ArcelorMittal is in violation of the Insolvency & Bankruptcy Code. Senior advocate U K Chaudhary, representing Ruia, said that the proposal of ArcelorMittal India was in violation of IBC code as the proposal if approved negates the right of Subrogation of the Guarantor. "Item 18 in the adendum of the resolution plan says that Subrogation right of the guarantor would stand extinguished on the approval of the resolution plan," he said. Subrogation means substitution of one person or group by another in respect of a debt. With subrogation right, a guarantor can step into the shoes of a creditor. According to Chaudhary, this was illegal and was in violation of Indian Contract Act and requested the appellate tribunal to quash the plan. "This is also in violation of IB Code," he said, adding that the resolution plan should ...

NCLAT chides Ruias, says interventions delaying Essar Steel resolution

Essar Steel Asia Holdings had approached NCLAT last week seeking rejection of ArcelorMittal bid for Essar Steel

StanChart alleges Essar Steel CoC accepted lower bid from ArcelorMittal

CoC clubbed Odisha Slurry Pipeline debt with Essar Steel, diverted Rs 2,500 crore, alleges StanChart

Essar Steel shareholder moves NCLAT, seeks rejection of ArcelorMittal bid

ESAHL said Arcelor Mittal India Ltd and its promoter Lakshmi Mittal had "misled" the Supreme Court

Essar Steel posts EBITDA of Rs 2K crore, may use funds to repay creditors

The CoC of Essar Steel has divided operational creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore

Essar Steel in a tight spot over 1,000 acres of unused land at Paradip

The company was to set up a six-million-tonne greenfield steel mill there

Essar Steel's operational creditors question CoC over discrimination

Essar Steel's operational creditors with claims of over Rs one crore Wednesday alleged that the committee of creditors of the debt-ridden firm has been "monopolised" by its financial lenders and sought equal treatment on par with them. CoC can not "arbitrarily discriminate" between the operational creditors with claims under Rs one crore and above Rs one crore under the Insolvency & Bankruptcy Code, they said in a public notice published in newspapers. Questioning the classification of operational creditors by the lenders, they wondered as "how has COC decided the cut off figure of Rs one crore between the same class of admitted Operational Creditors?" As per the Rs 42,000 crore resolution plan for Essar Steel by the global steel giant ArcelorMittal, operational creditors having claims below Rs one crore will get their dues and those with claims of over Rs one crore will receive almost zero. "CoC is interpreting IBC in the narrowest, totally self-serving and one-sided un-balanced .

SC orders status quo on funds payout in Essar Steel insolvency case

ArcelorMittal's entry in to India could be delayed; SC asks NCLAT to expedite hearing in the issue

SC halts ArcelorMittal's Rs 42,000 cr payment for Essar Steel

The order may delay Arcelor's plans to purchase the steel mill, which can produce 10 million metric tons of the metal annually and make Arcelor the fourth-biggest player

NCLAT may ask Arcelor to deposit Essar bid amount of Rs 42,000 cr on Apr 23

NCLAT had on March 20 asked the resolution professional of Essar Steel to call a fresh meeting of the CoC to consider the redistribution of funds from ArcelorMittal's resolution plan