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Tuesday, August 16, 2022

Essar Steel


ArcelorMittal aims to complete Essar Steel acquisition by 2019-end

November 19, 2019 12:49 pm

ArcelorMittal India Private Limited's (AMIPL) resolution plan for Essar Steel India Limited (‘ESIL') has been unconditionally approved by the Supreme Court of India and the approval of AMIPL's resolution plan is the final procedural step in ESIL's corporate insolvency process, the company said in a statement.

Supreme Court clears way for ArcelorMittal to acquire Essar Steel

November 16, 2019 4:19 am

Upholds supremacy of Committee of Creditors, could speed up resolution of other insolvency cases

SC sets aside NCLAT order approving ArcelorMittal's bid to acquire Essar Steel

November 15, 2019 11:25 am

The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.

Essar Steel insolvency: Operational creditors can challenge IBC changes, says SC

August 08, 2019 3:27 am

A bench led by Justice RF Nariman deferred the hearing on a batch of appeals till August 19 so as to decide the issue in light of fresh challenges following recent amendments.

Explained: Why SC stayed NCLAT ruling on Essar Steel

July 24, 2019 11:40 am

The NCLAT ruling in the Essar Steel case stated that all creditors whether financial or operational have to be treated equally in the case of a “resolution” under the IBC.

Supreme Court orders status quo in Essar insolvency case

July 22, 2019 12:43 pm

A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.

CoC moves apex court against NCLAT order on Essar Steel

July 13, 2019 6:07 am

The CoC said that this decision would discourage banks from initiating insolvency proceedings against any defaulting company.

Why NCLAT ruling on Essar Steel matters

July 10, 2019 4:15 am

A two-member Bench of NCLAT approved the resolution plan suggested by ArcelorMittal but also introduced a key change that is likely to have significant ramifications for the resolution process under Insolvency and Bankruptcy Code (IBC).

Diluting the code

July 09, 2019 12:35 am

In insolvency proceedings, distinction between secured financial and operational creditors must be maintained.

Essar Steel acquisition: NCLAT rejects Ruias’ plea; approves bid with modification by ArcelorMittal

July 05, 2019 3:05 am

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.