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Essar Steel News
Rs 2,500 crore in ArcelorMittal bid for Essar Steel is for working capital: CoC to NCLAT
Thu, May 16, 2019
Lenders of Essar Steel informed NCLAT that out of Rs 42,000-cr coming from the resolution plan of ArcelorMittal, Rs 2,500 crore has been marked as the working capital.
Essar Steel posts EBITDA of Rs 2K cr, may 'utilise funds' towards financial creditors' claims
Mon, Apr 29, 2019
Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.
NCLAT refuses stay on NCLT nod to ArcelorMittal's takeover bid for Essar Steel
Fri, Mar 15, 2019
NCLAT also asked State Bank of India-led CoC to bring a fresh distribution plan at the next date of hearing, saying "there cannot be any discrimination... All are equal".
Ex-Essar Steel directors approaches NCLT against ArcelorMittal takeover
Mon, Mar 11, 2019
On Friday, the Ahmedabad bench of the NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over the debt-idden Essar Steel.
Resolutions of both Binani and Essar were within rules: IBBI
Sun, Mar 10, 2019
"In Binani, the one which was approved was within the rules. The one which was rejected was because it was not balancing the interest of the stakeholders," IBBI chairman M S Sahoo told PTI when asked about resolutions of Essar Steel and Binani Cement.
NCLT clears ArcelorMittal's Rs 42,000-crore bid for Essar Steel
Fri, Mar 08, 2019
The National Company Law Appellate Tribunal (NCLAT) had last month directed the NCLT Ahmedabad bench to take a final decision on ArcelorMittal`s bid for the acquisition of Essar Steel by March 8, failing which it would pass an order.
NCLT approves ArcelorMittal’s takeover bid for Essar Steel
Fri, Mar 08, 2019
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel. Watch full video to know more.
ArcelorMittal says facing 'risks' like excess capex on proposed Essar acquisition
Tue, Feb 26, 2019
ArcelorMittal Monday said it is staring at various risks including excess capex and delays in achieving commercial objectives in view of its proposed acquisition of debt-laden Essar Steel India.
Insolvency cases: Bankers urged to approach higher authorities to take up issues of delay
Mon, Jan 21, 2019
Along with Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo, Srinivas met bankers and resolution professionals of the 12 biggest default cases, which account for one-fourth of the gross non-performing assets (NPAs) in state-run banks.
Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel
Mon, Nov 26, 2018
SCB had lent Essar Steel, which the lenders are auctioning to recover 49,395 crore of unpaid financial dues, a principal amount of Rs 2,646 crore but the Committee of Creditors admitted only Rs 60.71 crore for repayment out of the auction proceeds.
Essar Steel bankruptcy resolution: 29 operational creditors blast ArcelorMittal deal
Wed, Nov 14, 2018
Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned-stressed assets with a consortium of banks.
Essar to deleverage Rs 1.25 lakh cr debt if its offer for Essar Steel is accepted
Sun, Oct 28, 2018
Ruia-family owned Essar Group would deleverage about Rs 1.25 lakh crore of debt - the largest by any corporate if its offer to repay lenders of Essar Steel in full is accepted, company sources said.
ArcelorMittal the chosen one to buy Essar’s steel arm, but guess what! Essar Steel proposes to pay Rs 54,389 cr to exit insolvency
Fri, Oct 26, 2018
Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned stressed assets with a consortium of banks.
Essar Steel creditors' panel chooses ArcelorMittal's joint bid: CNBC TV18
Fri, Oct 26, 2018
The committee of creditors of debt-laden Essar Steel India Ltd has chosen the resolution plan by ArcelorMittal SA and Japan`s Nippon Steel & Sumitomo Metal Corp as the winner, CNBC TV18 reported on Friday, citing sources.
Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders
Thu, Oct 25, 2018
Shareholders of embattled Essar Steel Thursday offered to pay an aggregate of Rs 54,389 crore including Rs 47,507 crore upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.
ArcelorMittal to do a Reliance Jio? Lakshmi Mittal out to shock and awe
Thu, Oct 25, 2018
Many experts view the Lakshmi Narayan Mittal-promoted steel company's foray into the domestic market as a game changer. They believe it could do to the steel sector what Jio's entry did to the telecom sector.
Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal
Mon, Oct 22, 2018
Luxembourg-based ArcelorMittal and its consortium will cough up Rs 52,000 crore to take over Ruia-promoted Essar Steel and Odisha Slurry Pipeline Infrastructure, two sources close to the development said.
Anil Agarwal indicates he is open to raising bid for Essar Steel
Fri, Oct 19, 2018
Mining baron Anil Agarwal has indicated that he is open to raising bid for acquiring Essar Steel, saying his flagship Vedanta Ltd is the best suited to take over the indebted firm as it is an iron ore as well as natural gas producer - key ingredients for making steel.
Numetal questions ArcelorMittal eligibility to bid for Essar Steel before NCLAT (Eds: Updates with ArcelorMittal comments)
Tue, Jul 03, 2018
Senior advocate Mukul Rohatgi appearing for Numetal said that although ArcelorMittal has offered to pledge Rs 7,000 crore in an escrow account but that is conditional.
Essar Steel sale: ArcelorMittal to pay Uttam Galva dues
Fri, May 04, 2018
The world’s largest steelmaker ArcelorMittal on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.