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Essar Steel resolution: NCLAT reserves order on ArcelorMittal offer
Posted on 22nd May 2019
Hearing a bunch of petitions against the March 8 order of the National Company Law Tribunal (NCLT) approving ArcelorMittal’s Rs 42,000-crore resolution plan for the debt-ridden Essar Steel, the National Company Law Appellate Tribunal (NCLAT) on Tuesday reserved its order. The two-member bench, headed by Chairman Justice SJ Mukhopadhaya, has heard all parties, including the erstwhile promoters of Essar Steel and a host of operational creditors over the period.

Essar Steel case: Will pay Rs 42k crore for the takeover, ArcelorMittal tells NCLAT
Posted on 21st May 2019
Refuting claims by Standard Chartered Bank that it was only paying Rs 39,500 crore for taking over the debt-ridden Essar Steel, ArcelorMittal on Monday informed the National Company Law Appellate Tribunal (NCLAT) that its resolution plan involves Rs 42,000-crore cash payment, which includes Rs 2,500-crore working capital.

“We are paying Rs 42,000 crore in cash. A wrong impression is being given that it is not. We are also paying a minimum guarantee of Rs 2,500 crore as working capital.

Essar Steel alleges ArcelorMittal of filing false affidavit on NPAs
Posted on 16th May 2019
New Delhi: Lawyer Haren Raval counsel for Essar Steel Asia Holdings Ltd has alleged that ArcelorMittal India had knowingly filed a false affidavit pertaining to NPAs on October 18, 2018.

Raval made these allegations during the National Company Law Appellate Tribunal (NCLAT) hearing of the Essar Steel bankruptcy proceedings on Wednesday.

Essar Steel bid: StanChart questions CoC role in funds distribution
Posted on 14th May 2019
Standard Chartered Bank (SCB), which has been allocated only 1.7% of its Rs 3,187 crore of admitted claim from the lenders of the Essar steel under the NCLT-approved resolution plan, on Monday submitted that the committee of creditors (CoC) of a firm undergoing resolution process does not have the authority to decide on the distribution of the receivables from the resolution applicant.

Essar Steel posts EBITDA of Rs 2,000 crore, may use funds to repay creditors
Posted on 29th April 2019
New Delhi: Essar Steel, which is undergoing debt resolution process, has posted earnings before tax 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.

Essar Steel CoC cannot discriminate between operational creditors, observes NCLAT
Posted on 24th April 2019
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday observed that the Committee of Creditors of Essar Steel cannot discriminate between operational creditors of the debt-ridden firm.

The CoC of Essar Steel has divided operational creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore.

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.

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