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Essar Steel: Decision on distribution of funds by Friday
Posted on 28th March 2019
The lenders of Essar Steel on Wednesday told the National Company Law Appellate Tribunal (NCLAT) that a decision by the committee of creditors on whether Standard Chartered, an unsecured financial creditor of the bankrupt firm, should get higher payout for its dues from the Rs 42,000 crore coming from the resolution plan of ArcelorMittal, would come by Friday.

Essar Steel lenders mull options after NCLAT advice
Posted on 18th March 2019
MUMBAI: Creditors to Essar Steel are weighing three options, one of which might be put before an appellate bankruptcy court on Monday, as they seek to draw to a close the insolvency proceedings that have dragged on for about two years.

The options include asking ArcelorMittal to pay up the whole amount and keep the contentious payments to operational creditors in an escrow account or just comply with the suggestions made by the National Company Law Appellate Tribunal (NCLAT) in the last hearing on Friday.


Essar Steel lenders said to mull higher payout to Standard Chartered
Posted on 17th March 2019
Mumbai: Lenders to bankrupt Essar Steel Ltd are considering increasing a payout to Standard Chartered Plc to expedite the sale of the company to ArcelorMittal, according to people with knowledge of the matter.

The move by the lenders is part of an attempt to complete Essar Steel's sale by the end of March, the people said asking not to be named as the information is not public.


Essar Steel bankruptcy: Prashant Ruia, StanChart move NCLAT against takeover by ArcelorMittal
Posted on 12th March 2019
Three directors of the erstwhile board of Essar Steel on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed takeover of the company by ArcelorMittal. Standard Chartered Bank also approached the appellate tribunal against the order.

The three directors of Essar Steel are Prashant Ruia, Dilip Oommen and Rajiv Bhatnagar.


Essar Steel, Binani insolvency resolutions get official clean chit; top body says no contradiction
Posted on 11th March 2019
The Insolvency and Bankruptcy Board of India (IBBI) has said that it did not find any contradiction in approvals of resolution for Essar Steel and Binani Cement in the context of “value maximisation”. The Ahmedabad bench of National Company Law Tribunal (NLCT) has approved the ArcelorMittal’s Rs 42,000 crore resolution plan, rejecting the Ruias settlement offer of Rs 54,389 crore.

Essar Steel: NCLT rejects RIL plea to be heard as operational creditor
Posted on 27th February 2019
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Tuesday turned down Reliance Industries’ application to be heard as an operational creditor.

RIL opposed ArcelorMittal India’s Rs 42,000 crore resolution plan for Essar Steel before the two-member bench of Harihar Prakash Chaturvedi and Manorama Kumari.


Essar Steel case: SC rejects operational creditors’ plea, promoters move NCLAT
Posted on 12th February 2019
Even as the Supreme Court on Monday dismissed the petitions of operational creditors of bankrupt Essar Steel, which includes Indian Oil Corporation, the promoters of the company — Ruias — moved the National Company Law Appellate Tribunal (NCLAT) against the January order of the Ahmedabad bench of the National Company Law Tribunal (NCLT) which had rejected its plea for placing an offer for resolution of the company.

Essar Steel case: Standard Chartered delaying insolvency process, CoC tells NCLT
Posted on 9th February 2019
Standard Chartered Bank (SCB) doesn’t have anything to argue as its loan is not secured with project assets but it is still delaying the case using arm-twisting and blackmailing tactics, the Committee of Creditors (CoC) counsel told the Ahmedabad bench of National Company Law Tribunal (NCLT) on Friday during the hearing of Essar Steel insolvency case.

Essar Steel insolvency case: Lenders to gain more, Arcelor tells NCLT
Posted on 8th February 2019
Defending itself against Standard Chartered Bank from diluting its bid for Essar Steel, ArcelorMittal on Thursday told the National Company Law Tribunal’s Ahmedabad Bench that lenders would gain more from the deal. The bank alleged that as against an upfront payment of Rs 42,000 crore, in addition to working capital adjustments of Rs 2,500 crore, the LN Mittal-led firm negotiated its bid downwards in collaboration with State Bank of India-led Committee of Creditors (CoC).

Essar Steel bid: StanChart demands equal treatment for CoC members
Posted on 6th February 2019
During the hearing of Essar Steel’s insolvency case at the Ahmedabad bench of National Company Law Tribunal (NCLT), Standard Chartered Bank (SBC) counsel argued that SBC was discriminated against and not counted as a secure financial creditor and, as result of which, the bank was getting mere `60.71 crore against `3,487 crore, which is hardly 1.7 percent of total claim.

The counsel told NCLT on Tuesday that SBC too should be treated equally with other members of committee of creditors (CoC).


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