Essar Steel

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NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel insolvency case: NCLAT asks creditors, RP and NCLT not to pass any order

Essar Steel’s resolution, which has seen ArcelorMittal and Numetal locked in a bitter battle, will miss its revised deadline of May 28. It had already surpassed its initial 270-day resolution period on April 28.

NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel insolvency case: Numetal, Arcelor continue to scrap

Mukul Rohatgi, counsel for Numetal, told the National Company Law Appellate Tribunal (NCLAT) that Numetal has severed its association with Rewant Ruia, son of Essar Steel promoter Ravi Ruia, to become eligible to buy the steel company.

NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel insolvency case: Numetal moves NCLAT against CoC

This is the second petition filed by the company in the NCLAT since the Ahmedabad bench of the NCLT passed its order on April 19.

Eyeing opportunities beyond steel also: Lakshmi N Mittal

Eyeing opportunities beyond steel also: Lakshmi N Mittal

At present, ArcelorMittal is in the race to acquire debt-laden Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks.

Eyeing opportunities beyond steel also: Lakshmi N Mittal

Will be surprised if ArcelorMittal is ineligible for Essar Steel bid: Lakshmi N Mittal

In 2017, ArcelorMittal had revenues of USD 68.7 billion and crude steel production of 93.1 MT, while its own iron ore production reached 57.4 MT. It is listed on stock exchanges of New York, Amsterdam, Paris, Luxembourg and Spain.

Swift decision on Essar in interest of all stakeholders: ArcelorMittal

Swift decision on Essar in interest of all stakeholders: ArcelorMittal

The SBI-led consortium of creditors rejected both the bids, finding them ineligible under Insolvency and Bankruptcy Code (IBC). ArcelorMittal had been trying for long to enter India but could not get any success so far.

NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year. ArcelorMittal in a separate petition challenged its disqualification on the grounds that it had exited Uttam Galva before submitting a bid for Essar Steel on February 12.

us steel tariff, american tax on aluminium import, aluminium association of india, indian express

Race for Essar Steel — ArcelorMittal bid; Numetal approaches NCLAT

Numetal’s bid was held to be ineligible since one of the persons associated with the company, Rewant Ruia, is related to the promoters of Essar Steel.

Insolvency process: Essar Steel lenders fail to clear Numetal, ArcelorMittal bids

Banks have decided to seek a legal opinion on whether to open up the auction of Essar Steel for fresh bids. Lenders are likely to turn down the two bids on financial terms — and not Clause 29 (A) — and then open up the auction for fresh round of bidding.

Race for Essar Steel: First ArcelorMittal, Numetal bids valid, says Ahmedabad bench of NCLT

The bench comprising judges Manorama Kumari and HP Chaturvedi admonished the CoC and resolution professional (RP) Satish Kumar Gupta for not following due procedures by not providing “sufficient chances” to both the resolution applicants.

2G scam case: Delhi HC seeks response of Essar promoters on plea against their acquittal

Essar Steel insolvency process, second round: ArcelorMittal, Numetal-JSW & Vedanta bid

ArcelorMittal has teamed up with Nippon Steel & Sumitomo Metal Corporation (NSSMC) in its attempt to get control of Essar Steel. The two will jointly acquire and manage the Indian steel firm.

NuMetal to take control of Odisha strategic pipeline, repay all debt

OSPIL is strategically important since its pipelines carry iron slurry to feed Essar Steel’s plant and without access to this pipeline, running the plant could be difficult.

NCLAT agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel: ArcelorMittal at NCLT door over bid rejection

The bankers panel had rejected ArcelorMittal’s and Numetal’s bid citing technical issues.

Paradise Papers, Indian Express Paradise Papers, ICIJ, Panama Papers Essar Group

Essar Steel Insolvency Process: Banks reject Numetal, ArcelorMittal bids

Essar Steel, which has a steel-making capacity of 9.7 MTPA, owes over Rs 45,000 crore to lenders, of which Rs 31,671 crore was classified by banks as NPA as of Mar 31, 2016.

Paradise Papers, Indian Express Paradise Papers, ICIJ, Panama Papers Essar Group

Resolution plan: Bids for Essar Steel set to be scrutinised today

ArcelorMittal India and Numetal Mauritius emerged as final bidders Monday.