Page 5 - Essar Steel

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

Essar Steel clocks in highest ever production at 6.8 million tonnes

Essar Steel has a steel making capacity of close to 10 million tonnes that is supported by a 20 million tonne pellet-making capability

NCLAT can't force us to change approved resolution plan: Essar Steel CoC

The lenders to debt-ridden Essar Steel had approached the apex court on Monday challenging the NCLAT's March 18 and March 20 orders

Deutsche, SBI oppose more cash to operational creditors of Essar Steel

Last week in a meeting of the committee of creditors, lenders agreed to set aside Rs 1,000 crore more for operational creditors

Operational creditors face Shakespearean dilemma in Essar Steel insolvency

The challenge for RPs is to determine how to keep the company a 'going concern' without giving in to all the demands from operational creditors

Essar Steel lenders unlikely to get ArcelorMittal payment by March 31

CoC meeting on redistribution of funds, payment to StanChart currently underway, to conclude by Friday

NCLAT directs fresh Essar Steel CoC meet on funds distribution

Appellate tribunal refuses to stay implementation of Arcelor's plan

ArcelorMittal gets NCLAT's conditional nod for Rs 42,000-cr Essar Steel bid

RP to ensure company remains a going concern, to start implementation of plan, says NCLAT

NCLAT gives conditional nod to ArcelorMittal's Rs 42k-cr Essar Steel plan

The bench said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company

StanChart may gain after NCLAT asks Essar CoC not to discriminate

StanChart said it was being offered 1.7 per cent of its total dues from Essar's resolution plan, while other financial creditors, forming part of the CoC, were getting 85 per cent of their dues

NCLAT asks ArcelorMittal to consider revising bid for Essar Steel

Appellate tribunal observations came during Essar promoters' plea against NCLT approval for ArcelorMittal plan

Three former Essar Steel directors move NCLAT against NCLT order

Dissenting financial creditor Standard Chartered also moves NCLAT challenging NCLT's Friday order

Ex-Essar Steel directors approaches NCLT against ArcelorMittal takeover

Standard Chartered Bank has also approached the appellate tribunal against the order

Bankruptcy court clears ArcelorMittal's takeover of Essar Steel: TV Reports

The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel.

Essar Steel Insolvency: NCLT rejects RIL's plea opposing Arcelor bid

However, two-member bench upholds RIL's plea by directing Essar Steel's resolution professional to consider its claims for dues worth Rs 16 crore