Page 4 - Essar Steel

Essar Steel case: SC sets aside NCLAT order, says CoC decision to be final

The Supreme Court relaxed timeline of 330 days to find a resolution of the stressed asset as prescribed in IBC

IBC resolutions exceed new time limit of 330 days prescribed by govt

In July, in a bid to expedite the resolution process, the government made amendments to the Insolvency and Bankruptcy Code (IBC) that included revising the time limit to 330 days

Essar Steel CoC defends lower pay out to Standard Chartered Bank

Apex court starts hearing CoC challenge to NCLAT approving higher payout to operational creditors

Top events today: Essar Steel case, curbs to be eased in Kashmir, and more

From IT minister's meeting with CEOs of electronics companies to reopening of schools in Kashmir, Business Standard brings you top events of the day

Will challenge IBC amendments: Essar Steel operational creditors tell SC

Supreme Court agrees to hear operational creditors on August 19, asks them to file amended applications in a week

ArcelorMittal hopes to close deal for Essar Steel acquisition in Q3

On July 4, 2019, the NCLAT approved our resolution plan for the acquisition of Essar Steel India

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