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Essar Steel case: Ruias move again to wrestle firm of IBC; seek to convince NCLT before final orders
Posted on 15th November 2018
Essar Steel Asia Holdings (ESAH), the holding company of Essar Steel, has approached the National Company Law Tribunal (NCLT) asking it be allowed to plead its case before any orders are passed. ESAH has filed a caveat petition in the NCLT Ahmedabad bench which has been hearing the insolvency case against the debt-laden company.

Essar Steel case: Operational creditors move NCLT against ArcelorMittal
Posted on 14th November 2018
Around 29 operational creditors to Essar Steel have moved the Ahmedabad bench of the National Company Law Tribunal (NCLT) against the resolution plan submitted by ArcelorMittal and passed by the committee of creditors (CoC).

The claims of these 29 creditors together add up to around RS 607 crore. Of these, 27 creditors including major ones —Ideal Movers, Kamaljeet Ahluwalia, Arfin India, Sakar Industries and Apex Commodities — have made a claim of Rs 360.39 crore on Essar Steel.

Essar Steel: Ruias may go to court on offer by ArcelorMittal
Posted on 30th October 2018
The Ruias, who have offered to pay Rs 54,389 crore to clear their dues to the lenders of Essar Steel, are likely to challenge the resolution plan submitted by ArcelorMittal, persons close to the Ruias confirmed to FE. They said an intervention petition may be filed with the National Company Law Tribunal (NCLT).

Late last week, the committee of creditors (CoC) accepted an offer by ArcelorMittal which was subsequently submitted by the resolution professional for Essar Steel to NCLT for approval.

Essar Steel lenders back ArcelorMittal, file plan with NCLT
Posted on 27th October 2018
NEW DELHI: ArcelorMittal said Essar Steel’s creditors put the seal on its acquisition of the bankrupt company, a day after the erstwhile promoters sought to make a last-minute bid to regain control.

“Further to ArcelorMittal being named the H1 resolution applicant (the preferred bidder) on October 19, 2018, ESIL’s CoC (committee of creditors) has now approved the company’s resolution plan for ESIL (Essar SteelNSE 0.00 % India Ltd), with the LoI (letter of intent) identifying it as the successful resolution plan,” ArecelorMittal said in a release.

Essar Steel bidding: Majority of lenders may vote for ArcelorMittal’s bid
Posted on 25th October 2018
The majority of lenders with exposure to debt-laden Essar Steel are expected to vote in favour of ArcelorMittal’s revised bid that promises at least Rs 42,000 crore to the financial creditors. The voting process saw a significant delay owing to ‘technical difficulties’, senior bankers have indicated to FE. The voting process that should have begun on Tuesday faced some technical hitch at the start, causing the process to be delayed.

Bidding war: Arcelor increases bid for Essar Steel to Rs 42,000 crore
Posted on 24th October 2018
ArcelorMittal has agreed to make a bigger offer of Rs 42,000 crore for the debt-laden Essar Steel, following negotiations with lenders to the company, senior bankers have indicated to FE. So far, the offer included a Rs 35,000-crore upfront payment to lenders apart from a Rs 8,000-crore equity infusion into the company.

Russia’s VTB seeks apex court approval to bid for Essar Steel
Posted on 23rd October 2018
Crinium Bay Holdings, a member of Russia’s VTB group, has moved the Supreme Court seeking permission to bid independently or jointly with “a suitable partner” for embattled Essar Steel (ESIL). VTB, through Crinium Bay, which holds a 40% equity in Numetal, had earlier submitted the resolution plans for Essar in its capacity as a shareholder of Mauritius-based Numetal, which was later on October 4 held to be ineligible to bid by the SC.

ArcelorMittal’s Essar Steel acquisition: Who wins, who loses
Posted on 22nd October 2018
Mumbai: The narrative around distressed steel assets has been one about incumbents consolidating their hold over the sector.

That changed last week.

On Friday, ArcelorMittal was declared the highest bidder for Essar Steel Ltd. Its winning bid of 42,000 crore gives the world’s largest steel producer a sizeable foothold in the Indian steel market.

ArcelorMittal emerges as highest bidder for debt-laden Essar Steel
Posted on 20th October 2018
ArcelorMittal on Friday emerged as the highest bidder for Essar Steel, the company said in a release to the Luxembourg stock exchange.

“ArcelorMittal confirms it has been informed by the committee of creditors (CoC) for Essar Steel that it has been evaluated to be the H1 resolution applicant (the preferred bidder) in the corporate insolvency resolution process for Essar Steel,” it said. The company will now enter into further negotiations with the CoC, ArcelorMittal added.

Battle for Essar Steel: Russia's VTB moves Supreme Court for solo bid
Posted on 13th October 2018
Russia’s VTB, the majority partner in the Numetal consortium, has moved an application in the Supreme Court seeking permission to bid solo for Essar Steel.

VTB has also informed the committee of creditors (CoC) for Essar that it has moved the apex court. The move is based on the Supreme Court’s order, which said that VTB was an eligible candidate.

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