A Bench led by Justice RF Nariman, while agreeing to hear all the four appeals, filed by SBI-led CoC, ICICI Bank, SBI and ArcelorMittal, on August 7, also asked the parties to maintain status quo with regard to the acquisition of Essar Steel till then.
ESAHL had moved the NCLAT seeking rejection of ArcelorMittal’s Rs 42,000 crore bid to acquire Essar Steel, alleging that its promoter LN Mittal hid his association with loan defaulting firms run by his brothers.
Senior advocate Kapil Sibal appearing on behalf of Standard Chartered Bank, a secured creditor of Essar Steel, said ArcelorMittal should not be allowed to add working capital to brighten up its final resolution plan.
Essar Steel Asia Holdings Ltd (ESAHL), which holds a significant stake in Essar Steel, has moved National Company Law Appellate Tribunal (NCLAT) seeking rejection of ArcelorMittal’s Rs 42,000 crore bid to acquire the bankrupt steelmaker, alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers. Seeking ArcelorMittal (AM) […]
Essar Steel “represents a unique and compelling opportunity” for Arcelor to establish a significant footprint in a fast growing market that’s poised to become the second-biggest producer of the alloy, Arcelor had said in a statement earlier this week.
ArcelorMittal on September 15 wrote to Essar Steel’s RP a letter relating to Vedanta’s alleged environmental law violations in India and Zambia, illegal mining, disregard for safety standards and human rights violations.