DNA MONEY EXCLUSIVE: Foreign funds lap up Essar Steel loans from banks
Posted on 19th July 2018 |
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As the debt resolution of Essar Steel drags, Bank of Baroda (BoB), Federal Bank, IDBI Bank and Jammu & Kashmir Bank have sold part or all their loans to the Ruias-promoted steel company, totaling over Rs 2,000 crore, to overseas investors or asset reconstruction companies. SC Lowly bought the loans from Federal Bank, Bank of Baroda and Jammu and Kashmir Bank. |
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Essar Steel lenders urge NCLAT to expedite insolvency resolution process
Posted on 12th July 2018 |
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Lenders to Essar Steel on Wednesday urged the NCLAT to complete its insolvency resolution process in "quick" time, saying the debt-ridden company is incurring a daily loss of Rs 17 crore. At a hearing of the National Company Law Appellate Tribunal (NCLAT), Sudipto Sarkar, counsel appearing for the Committee of Creditors (CoC) of Essar Steel, requested it to expedite the process. |
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ARCELORMITTAL SEEKS DISQUALIFICATION OF NUMETAL BID FOR ESSAR STEEL
Posted on 6th July 2018 |
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Locked in a direct fight to acquire Essar Steel, ArcelorMittal on Thursday sought disqualification of Russia’s VTB Capital-backed NuMetal Ltd, alleging that the firm was acting in concert with delinquent promoters of Essar group. When first bids for loan defaulter Essar Steel were called in February, Rewant owned 25 per cent in Mauritius-based investment vehicle NuMetal. |
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ArcelorMittal points to Essar Steel lenders' backing in NCLAT
Posted on 5th July 2018 |
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Lenders to Essar Steel feel that ArcelorMittal, “a serious and credible resolution applicant”, has displayed “a genuine intention and taken concrete steps” by attempting to clear overdues in defaulting firms whereit was a shareholder. This was stated by ArcelorMittal, with reference to the documents presented in the NCLAT on Wednesday. |
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Essar Steel dues to pipeline firm continue to pile up
Posted on 21st June 2018 |
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Odisha Slurry Pipeline Infrastructure (OSPIL), which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, Srei Infrastructure Finance, has confirmed. Essar Steel is currently in the midst of a corporate insolvency resolution process. Kanoria told FE that since the pipeline is a leased asset, payments should have been regular. “It’s an operating expense and the company should have paid the monthly rentals. |
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Essar Steel lenders may not allow Numetal to change structure in second bid
Posted on 18th June 2018 |
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Lenders to Essar Steel may not allow Numetal to change its corporate structure stated in the second round of bidding if it comes up for consideration. “The committee of creditors (CoC) may not allow Aurora Enterprises to be dropped from Numetal because this is not a fresh request for proposal (RFP),” a major lender said. |
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Essar Steel insolvency: Lenders move NCLAT for early hearing of case
Posted on 25th May 2018 |
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Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays. The NCLAT had on May 22 ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility. |
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NCLAT puts Essar Steel insolvency process on hold
Posted on 22nd May 2018 |
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Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Tuesday directed the insolvency resolution professional and committee of creditors (CoC) for Essar Steel Ltd as well as National Company Law Tribunal’s (NCLT) Ahmedabad bench to not pass any order, including an order of liquidation, with respect to Essar Steel’s insolvency. |
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Battle for Essar Steel: ArcelorMittal sets terms for Rs 70 bn repayment
Posted on 19th May 2018 |
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Indian lenders will have access to Rs 70 billion deposited by ArcelorMittal in an escrow account, but only after the L N Mittal-owned company gets approval from the National Company Law Tribunal (NCLT) to take over Essar Steel and all pending litigation against the stressed steel asset are resolved before the acquisition. |
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