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US fund calls for sale of Essar’s UK assets to settle debt: report
Posted on 22nd September 2018
Mumbai: The Ruias-controlled Essar Group is fighting off a challenge from a US-based hedge fund which is eyeing Essar’s assets in the UK, including the Stanlow oil refinery, to settle unpaid dues.

UK news website ITV said on Tuesday that investment firm Midtown Acquisitions LP, controlled by US-based hedge fund Davidson Kempner, is seeking a forced sale of Essar Global Fund Ltd’s (EGFL) shares in Essar Energy Ltd, which owns and runs the Stanlow refinery.

Fight for Essar Steel: ArcelorMittal writes against Vedanta, withdraws later
Posted on 18th September 2018
ArcelorMittal, which is locked in a three-way fight for the acquisition of bankrupt Essar Steel, first wrote a letter to resolution professional Satish Kumar Gupta targeting rival bidder Vedanta over its alleged violation of environmental law and human rights but shortly withdrew it.

Essar Steel auction: NCLAT amends order to add Darius Khambata as counsel
Posted on 17th September 2018
The National Company Law Appellate Tribunal (NCLAT) on Monday amended its order on the Essar Steel, passed by it on September 7, to add the name of senior counsel Darius Khambata, which was left out.

Khambata had represented Resolution Professional of the debt-ridden firm Essar Steel in this matter before the appellate tribunal and his name was missing in the final order.

Essar steel bid: Arcelor to pay dues only after SC order
Posted on 12th September 2018
ArcelorMittal, one of the bidders for the bankrupt Essar Steel, which was asked by the National Company Law Appellate Tribunal (NCLAT) to clear dues of Rs 7,000 crore of firms it was previously associated with by September 11 to be eligible to bid, did not pay up on Tuesday. The company will wait for a direction from the Supreme Court that it moved on Monday challenging the appellate tribunal’s order.

SC to hear tomorrow plea of ArcelorMittal against NCLAT order on Essar Steel auction
Posted on 11th September 2018
The Supreme Court Tuesday agreed to hear tomorrow a plea of ArcelorMittal seeking extension of time for payment of Rs 7,000 crore as ordered by NCLAT last week for its bid to become eligible for Essar Steel. The apex court refused urgent hearing for ArcelorMittal’s plea for payment of Rs 7,000 crore by today for its second bid to become eligible.

Essar Steel insolvency case: Second round bids to be opened today
Posted on 10th September 2018
The second round of bids for Essar Steel will be opened in the presence of lenders on Monday, sources close to the development said.

The offers by three bidders — Numetal (minus Aurora Enterprises), ArcelorMittal, and Vedanta — will be opened in line with the September 7 order of the National Company Law Appellate Tribunal (NCLAT). Numetal was joined by JSW as an investor in a step-down subsidiary and ArcelorMittal with Nippon Steel.

Essar Steel insolvency case: NCLAT verdict on ArcelorMittal, Numetal today
Posted on 7th September 2018
The National Company Law and Appellate Tribunal (NCLAT) in New Delhi will on Friday give its verdict over the petitions filed by ArcelorMittal and Numetal in the Essar Steel insolvency case.

The companies had filed petitions challenging the decision by Essar Steel’s resolution professional to bar both from bidding the stressed firm.

Essar Steel lender may sell loan to ARC in a bid to save debt-hit company
Posted on 6th September 2018
Lenders of Essar Steel, which has bad debts to the tune of nearly Rs 500 billion, are planning to offload some of the loans to an asset reconstruction company (ARC), as they face pressure to improve the status of their loan books before the end of the second quarter (Q2) of the current financial year (2018-19 or FY19).

Insolvency process: Essar Steel litigation delays Uttam Galva resolution
Posted on 8th August 2018
Worried over an inordinate delay in the resolution of Essar Steel’s debt, Indian lenders are taking legal opinion on how to settle the Rs 60-billion debt of Uttam Galva Steels (UGSL). Insolvency proceedings of UGSL is pending before the National Company Law Tribunal (NCLT) in Mumbai since December last.

DNA MONEY EXCLUSIVE: Foreign funds lap up Essar Steel loans from banks
Posted on 19th July 2018
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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