Speed up Essar Steel insolvency case, rules NCLAT
Posted on 3rd January 2019 |
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Ahmedabad/Mumbai The National Company Law Appellate Tribunal (NCLAT) has directed the Ahmedabad bench of the National Company Law Tribunal (NCLT) to expedite the insolvency case filed against the Essar Steel Ltd. On Thursday, while hearing the petition filed by the committee of creditors (CoC) of Essar Steel through State Bank of India against the resolution professional Satish Kumar Gupta and others |
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IBC eliminates right to redemption of Essar Steel shareholders, says lenders
Posted on 19th December 2018 |
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The Insolvency and Bankruptcy Code eliminates the right to redemption of Essar Steel shareholders, the counsel to lenders and ArcelorMittal said as part of their rejoinder arguments to Essar Steel Asia Holdings (ESAHL)’s plea for consideration of their settlement offer proposed ‘for and on behalf of Essar Steel’. |
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Essar Steel lenders argue against promoter Ruias' offer, want it dismissed
Posted on 29th November 2018 |
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The committee of creditors (CoC) to insolvent Essar Steel argued before the bench here of the National Company Law Tribunal that the offer made by the company's promoters, the Ruias, was "not maintainable" and wanted it dismissed. Their counsel, Ravi Kadam, also requested day-to-day hearing of the matter. The case was deferred to December 10, as one of two on the bench was on leave. |
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Standard Chartered Bank moves NCLT in Essar Steel takeover case
Posted on 26th November 2018 |
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Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to take over debt-ridden Essar Steel, saying the decision was “illegal” and was taken without considering its claims. |
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GAIL, Getco move NCLT against ArcelorMittal’s bid for Essar Steel
Posted on 20th November 2018 |
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State-run gas utility GAIL (India) and Gujarat Energy Transmission (Getco) have moved the Ahmedabad bench of National Company Law Tribunal (NCLT) seeking rejection of ArcelorMittal’s Rs 42,000-crore takeover plan for Essar Steel, saying operational creditors have been left out in the proposal. |
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Essar Steel case: Operational creditors move NCLT against ArcelorMittal
Posted on 14th November 2018 |
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Around 29 operational creditors to Essar Steel have moved the Ahmedabad bench of the National Company Law Tribunal (NCLT) against the resolution plan submitted by ArcelorMittal and passed by the committee of creditors (CoC). The claims of these 29 creditors together add up to around RS 607 crore. Of these, 27 creditors including major ones —Ideal Movers, Kamaljeet Ahluwalia, Arfin India, Sakar Industries and Apex Commodities — have made a claim of Rs 360.39 crore on Essar Steel. |
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Essar Steel: Ruias may go to court on offer by ArcelorMittal
Posted on 30th October 2018 |
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The Ruias, who have offered to pay Rs 54,389 crore to clear their dues to the lenders of Essar Steel, are likely to challenge the resolution plan submitted by ArcelorMittal, persons close to the Ruias confirmed to FE. They said an intervention petition may be filed with the National Company Law Tribunal (NCLT). Late last week, the committee of creditors (CoC) accepted an offer by ArcelorMittal which was subsequently submitted by the resolution professional for Essar Steel to NCLT for approval. |
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Essar Steel lenders back ArcelorMittal, file plan with NCLT
Posted on 27th October 2018 |
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NEW DELHI: ArcelorMittal said Essar Steel’s creditors put the seal on its acquisition of the bankrupt company, a day after the erstwhile promoters sought to make a last-minute bid to regain control. “Further to ArcelorMittal being named the H1 resolution applicant (the preferred bidder) on October 19, 2018, ESIL’s CoC (committee of creditors) has now approved the company’s resolution plan for ESIL (Essar SteelNSE 0.00 % India Ltd), with the LoI (letter of intent) identifying it as the successful resolution plan,” ArecelorMittal said in a release. |
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Essar Steel bidding: Majority of lenders may vote for ArcelorMittal’s bid
Posted on 25th October 2018 |
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The majority of lenders with exposure to debt-laden Essar Steel are expected to vote in favour of ArcelorMittal’s revised bid that promises at least Rs 42,000 crore to the financial creditors. The voting process saw a significant delay owing to ‘technical difficulties’, senior bankers have indicated to FE. The voting process that should have begun on Tuesday faced some technical hitch at the start, causing the process to be delayed. |
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