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

Essar Steel insolvency case: Numetal, Arcelor continue to scrap

May 18, 2018 2:17 am

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.

Essar Steel insolvency case: Numetal moves NCLAT against CoC

May 11, 2018 12:39 am

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

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

May 07, 2018 12:55 pm

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.

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

April 27, 2018 2:35 pm

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.

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

April 25, 2018 12:57 am

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.