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Essar Steel

Flexing muscles! New game set to begin in Indian steel market - ArcelorMittal to heat up competition

Flexing muscles! New game set to begin in Indian steel market - ArcelorMittal to heat up competition

Sat, Nov 16, 2019

Delivering a big verdict, the Supreme Court has allowed ArcelorMittal to make payment for Essar Steel India, paving the way for acquisition of the bankrupt steel maker by the Luxembourg-headquartered entity.

In Essar Steel case, Supreme Court's verdict in banks' favour

In Essar Steel case, Supreme Court's verdict in banks' favour

Fri, Nov 15, 2019

In Essar Steel case, the Supreme Court's verdict in banks' favour. Watch this video to find out more.

Supreme Court's 'Essar Steel Verdict' to change the rules for future bankruptcy cases

Supreme Court's 'Essar Steel Verdict' to change the rules for future bankruptcy cases

Fri, Nov 15, 2019

Know how the Supreme Court's 'Essar Steel Verdict' will change the rules for future bankruptcy cases in Insolvency and Bankruptcy Code, 2016. Watch this video to find out more.

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SC Essar Steel Verdict: Banks to get Rs 50,000 crore fund; NPA set to go down

SC Essar Steel Verdict: Banks to get Rs 50,000 crore fund; NPA set to go down

Fri, Nov 15, 2019

Supreme Court ruling in Essar Steel insolvency case will pump around Rs 50,000 crore in the Indian banking system that would help them contain their respective NPAs.

ArcelorMittal-Essar Steel: Why SC NCLAT ruling is a major success of insolvency mechanism in India - Explained

ArcelorMittal-Essar Steel: Why SC NCLAT ruling is a major success of insolvency mechanism in India - Explained

Fri, Nov 15, 2019

As the Supreme Court on Friday set aside the NCLAT ruling on Essar Steel that provided for equal distribution of proceeds between financial and operational creditors, decks have been cleared for ArcelorMittal's acquisition of the bankrupt steel company.

SC paves way for ArcelorMittal's takeover of Essar Steel

SC paves way for ArcelorMittal's takeover of Essar Steel

Fri, Nov 15, 2019

SC paves way for ArcelorMittal's takeover of Essar Steel. To know more watch the video

Essar Steel Insolvency: SC quashes NCLAT ruling, clears ArcelorMittal takeover bid; SBI to PNB, bank stocks skyrocket

Essar Steel Insolvency: SC quashes NCLAT ruling, clears ArcelorMittal takeover bid; SBI to PNB, bank stocks skyrocket

Fri, Nov 15, 2019

Essar Steel Insolvency: The Supreme Court has set aside the National Company Law Appellate Tribunal (NCLAT) judgement on Essar Steel case on November 15th.

Rs 2,500 crore in ArcelorMittal bid for Essar Steel is for working capital: CoC to NCLAT

Rs 2,500 crore in ArcelorMittal bid for Essar Steel is for working capital: CoC to NCLAT

Thu, May 16, 2019

Lenders of Essar Steel informed NCLAT that out of Rs 42,000-cr coming from the resolution plan of ArcelorMittal, Rs 2,500 crore has been marked as the working capital.

Essar Steel posts EBITDA of Rs 2K cr, may 'utilise funds' towards financial creditors' claims

Essar Steel posts EBITDA of Rs 2K cr, may 'utilise funds' towards financial creditors' claims

Mon, Apr 29, 2019

Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.

NCLAT refuses stay on NCLT nod to ArcelorMittal's takeover bid for Essar Steel

NCLAT refuses stay on NCLT nod to ArcelorMittal's takeover bid for Essar Steel

Fri, Mar 15, 2019

NCLAT also asked State Bank of India-led CoC to bring a fresh distribution plan at the next date of hearing, saying "there cannot be any discrimination... All are equal".

Ex-Essar Steel directors approaches NCLT against ArcelorMittal takeover

Ex-Essar Steel directors approaches NCLT against ArcelorMittal takeover

Mon, Mar 11, 2019

On Friday, the Ahmedabad bench of the NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over the debt-idden Essar Steel.

Resolutions of both Binani and Essar were within rules: IBBI

Resolutions of both Binani and Essar were within rules: IBBI

Sun, Mar 10, 2019

"In Binani, the one which was approved was within the rules. The one which was rejected was because it was not balancing the interest of the stakeholders," IBBI chairman M S Sahoo told PTI when asked about resolutions of Essar Steel and Binani Cement.

NCLT clears ArcelorMittal's Rs 42,000-crore bid for Essar Steel

NCLT clears ArcelorMittal's Rs 42,000-crore bid for Essar Steel

Fri, Mar 08, 2019

The National Company Law Appellate Tribunal (NCLAT) had last month directed the NCLT Ahmedabad bench to take a final decision on ArcelorMittal`s bid for the acquisition of Essar Steel by March 8, failing which it would pass an order.

NCLT approves ArcelorMittal’s takeover bid for Essar Steel

NCLT approves ArcelorMittal’s takeover bid for Essar Steel

Fri, Mar 08, 2019

The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA's takeover bid for debt-ridden Essar Steel. Watch full video to know more.

ArcelorMittal says facing 'risks' like excess capex on proposed Essar acquisition

ArcelorMittal says facing 'risks' like excess capex on proposed Essar acquisition

Tue, Feb 26, 2019

ArcelorMittal Monday said it is staring at various risks including excess capex and delays in achieving commercial objectives in view of its proposed acquisition of debt-laden Essar Steel India.

Insolvency cases: Bankers urged to approach higher authorities to take up issues of delay

Insolvency cases: Bankers urged to approach higher authorities to take up issues of delay

Mon, Jan 21, 2019

Along with Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo, Srinivas met bankers and resolution professionals of the 12 biggest default cases, which account for one-fourth of the gross non-performing assets (NPAs) in state-run banks.

Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel

Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel

Mon, Nov 26, 2018

SCB had lent Essar Steel, which the lenders are auctioning to recover 49,395 crore of unpaid financial dues, a principal amount of Rs 2,646 crore but the Committee of Creditors admitted only Rs 60.71 crore for repayment out of the auction proceeds.

Essar Steel bankruptcy resolution: 29 operational creditors blast ArcelorMittal deal

Essar Steel bankruptcy resolution: 29 operational creditors blast ArcelorMittal deal

Wed, Nov 14, 2018

Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned-stressed assets with a consortium of banks.

Essar to deleverage Rs 1.25 lakh cr debt if its offer for Essar Steel is accepted

Essar to deleverage Rs 1.25 lakh cr debt if its offer for Essar Steel is accepted

Sun, Oct 28, 2018

Ruia-family owned Essar Group would deleverage about Rs 1.25 lakh crore of debt - the largest by any corporate if its offer to repay lenders of Essar Steel in full is accepted, company sources said.

ArcelorMittal the chosen one to buy Essar’s steel arm, but guess what! Essar Steel proposes to pay Rs 54,389 cr to exit insolvency

ArcelorMittal the chosen one to buy Essar’s steel arm, but guess what! Essar Steel proposes to pay Rs 54,389 cr to exit insolvency

Fri, Oct 26, 2018

Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned stressed assets with a consortium of banks.

Essar Steel creditors' panel chooses ArcelorMittal's joint bid: CNBC TV18

Essar Steel creditors' panel chooses ArcelorMittal's joint bid: CNBC TV18

Fri, Oct 26, 2018

The committee of creditors of debt-laden Essar Steel India Ltd has chosen the resolution plan by ArcelorMittal SA and Japan`s Nippon Steel & Sumitomo Metal Corp as the winner, CNBC TV18 reported on Friday, citing sources.

Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders

Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders

Thu, Oct 25, 2018

Shareholders of embattled Essar Steel Thursday offered to pay an aggregate of Rs 54,389 crore including Rs 47,507 crore upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.

ArcelorMittal to do a Reliance Jio? Lakshmi Mittal out to shock and awe

ArcelorMittal to do a Reliance Jio? Lakshmi Mittal out to shock and awe

Thu, Oct 25, 2018

Many experts view the Lakshmi Narayan Mittal-promoted steel company's foray into the domestic market as a game changer. They believe it could do to the steel sector what Jio's entry did to the telecom sector.

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