- Tag results for Essar Steel
The Ahmedabad bench heard a plea from operational creditors and is scheduled to hear suspended Essar directors later in the day.
This should end the twist the resolution process took after ArcelorMittal was declared the winning bidder for Essar Steel under the Insolvency and Bankruptcy Code (IBC).
The NCLT bench comprising Manorama Kumari and Harihar Prakash Chaturvedi said it will decide Tuesday whether the petition will be admitted or not.
Essar Steel, with a 10-million tonne per annum capacity, is one of the newest steel mills in the country.
A resolution plan for bankrupt Essar Steel was to be found within 270 days, in line with the statutory requirement of Insolvency and Bankruptcy Code.
The appellate tribunal has directed to list the matter on February 4 for next hearing.
India’s two-year-old bankruptcy regime has brought to the brink of irrelevance by the strain of resolving its most high-profile case: Essar Steel India Ltd.
SBI has asked the interested parties that they can conduct due diligence of the asset with immediate effect, after submitting EoI and executing a Non-Disclosure Agreement.
Production in Essar Steel plant was affected on Friday as hundreds of workers staged dharna protesting illegal termination of workers and non-fulfilment of various demands.
The Committee of Creditors have issued ArcelorMittal and its partner Japan's Nippon Steel & Sumitomo Metal Corp a Letter of Intent (LoI) declaring them as the "successful applicant".
The offer is better than Rs 42,202 crore offered by the world's largest steel producer ArcelorMittal to take over Essar Steel, which lenders are auctioning to recover their unpaid dues of over Rs 49,0
The dramatic move from Essar Steel comes even as the CoC of the debt-laden firm had declared ArcelorMittal as the highest bidder in the auction for the steel company.
Last week, the Luxembourg-based company had emerged as the highest or H1 bidder for the debt-laden Essar Steel.
THE Committee of Creditors (CoC) of Essar Steel have picked ArcelorMittal as the winning bid for the insolvent company, said reports on Friday.
The apex court held that both the firms were ineligible under amended Insolvency and Bankruptcy Code to bid for the firm but granted them a fresh opportunity.