Page 6 - Essar Steel

Conclude Essar Steel insolvency case by January 31: NCLAT to NCLT

Essar says CoC should not be forced to accept resolution plan which undervalues the company

SBI likely to put auction of debt exposure to insolvent Essar Steel on hold

This is a sequel to the NCLAT directing on Wednesday the Ahmedabad Bench of the National Company Law Tribunal (NCLT) to pass an order on the case by January 31

NCLT Ahmedabad can decide on Essar Steel's insolvency case by Jan 31: NCLAT

The appellate tribunal has directed to list the matter on February 4 for next hearing

SBI plans sale of Essar loans worth Rs 15,000 crore as part of cleanup act

Senior SBI executive said the sale if goes through would give bank immediate cash to be deployed for lending operations

Essar Steel insolvency case: NCLAT asks NCLT to expedite decision

The Essar Steel insolvency case under the IBC has been running for around 500 days now, against the maximum stipulated time of 270 days

Gujarat tax dept moves NCLT against Essar Steel RP over Rs 500 cr dues

Trashes RP's confidentiality claim in refusing to provide verbatim report on road map of resolution plan with regard to payment of its dues

Gujarat tax dept moves NCLT against Essar's resolution professional

The tax department had requested the resolution professional for a verbatim report on provisions of the resolution plan

Essar Steel Asia has no right over mortgaged asset, says CoC

Senior counsel Ravi Kadam told the NCLT that the mortgaged assets belonged to the creditors and the public

Debt-laden Essar Steel invokes right to redeem as a shareholder

The holding firm challenged the non-maintainability claim against its debt settlement proposal worth Rs 543.89 billion on behalf of Essar Steel

Holding firm's offer on Essar violates SC order: creditors, Arcelor to NCLT

The two-member bench of adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari deferred the hearing till December 13

Essar Steel lenders argue against promoter Ruias' offer, want it dismissed

The Ruias had made a Rs 543-billion settlement offer the day the lenders voted in favour of ArcelorMittal's Rs 420-billion offer

Essar Steel's operational creditors move NCLT against ArcelorMittal

Some of the operational creditors (OC) of Essar Steel on Tuesday moved the National Company Law Tribunal (NCLT) Ahmedabad bench, for recovery of dues worth over Rs 3.74 billion. Two petitions, one by a single operational creditor Orissa Stevedores Ltd. and another by a set of 27 operational creditors, were filed on Tuesday at NCLT under section 60(5) of Insolvency and Bankruptcy Code (IBC).The operational creditors including the likes of Ideal Movers Private Limited, Kamaljeet Ahluwalia, Arfin India Limited, Sakar Industries Private Limited and Apex Commodities, have asked the bench to "pass directions" to the Committee of Creditors (CoC) to ask the resolution applicant ArcelorMittal to match up the offer contemplated under the settlement proposal of Essar Steel Asia Holding Limited.Apparently, ArcelorMittal, which has emerged the highest bidder for the company, has not included operational creditors in its debt resolution plan submitted to the CoC, which has made the operational ...

For Mittal, Essar Steel is about ending a decade-long wait to enter India

After trying for more than a decade to get a foothold in India, the steel magnate is closer than ever to realising his dream

Essar Steel operational creditors to move NCLT to seek Rs 50 bn of dues

ArcelorMittal, which has emerged the highest bidder for the company, has not included operational creditors in its debt resolution plan submitted to the committee of creditors

India's Essar Steel creditors' panel chooses ArcelorMittal's joint bid

The news comes just a day after Essar Steel said its board and shareholders offered to pay Rs 543.89 billion to creditors

Insolvency process: Debt-laden Essar Steel's case may drag, say lawyers

This is not the first time the promoters of Essar Steel are trying to get the company back

Section 12A of IBC doesn't apply to Essar Steel case, says ArcelorMittal

Sources close to Essar said Section 12A was introduced in June 2018

ArcelorMittal emerges as the highest bidder in the race for Essar Steel

Essar Steel lenders are likely to put the AecelorMittal proposal for voting early next week, according to ET report

Vedanta best-suited to take over indebted Essar Steel, says Anil Agarwal

NuMetal has said it will match the ArcelorMittal's offer

Russia's VTB Group may bid for the debt-ridden Essar Steel alone

Earlier the Russian bank was making a plan to take over the company via Numetal Mauritius - which had a Ruia family interest