- Tag results for Essar Steel
ArcelorMittal and Numetal are in the race to acquire Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks.
ArcelorMittal, which is competing against Russia's VTB Group-backed Numetal Ltd and Vedanta for the takeover of Essar Steel, on September 15 wrote a hard-hitting letter.
The apex court refused urgent hearing for ArcelorMittal's plea for payment of Rs 7,000 crore by today for its second bid to become eligible.
The revised offer also includes a commitment to pay Rs 7,000 crore dues to the financial creditors of Uttam Galva and KSS Petron to be eligible in the race to acquire Essar Steel.
Friday’s NCLAT order has prompted bankers like SBI to halt their proposed Essar debt sale process to asset reconstruction companies, in the hope of reaping better returns for investment.
The NCLAT held that NuMetal was not related to promoters of Essar Steel and so was eligible for submitted a resolution plan for the company.
Jagatsinghpur district administration on Tuesday clamped prohibitory orders under Section 144 of CrPC at Essar factory’s main gate to prevent any untoward incident.
ArcelorMittal wanted NuMetal bid be rejected because its backers include a company controlled by the son of a billionaire Essar Steel founder.
Hundreds of villagers of Handia under the banner of Gramya Surkhya Samiti staged dharna in front of Essar plant to press their nine-point charter of demands on Tuesday.
ArcelorMittal has challenged the committee of creditors' last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the NCLT.
On Wednesday, lenders, who are seeking to recover part of the Rs 49,000 crore worth bad debt, have decided to re-invite bids from all six bidders to start the process afresh.
ArcelorMittal said its India unit would form a joint venture with Nippon Steel & Sumitomo Metal Corp to buy Essar Steel India Ltd, which is undergoing bankruptcy proceedings.
According to Section 29 A of the new Insolvency and Bankruptcy Code (IBC) framework, promoters of defaulting companies are barred from bidding for stressed assets.
Essar Steel India is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code.