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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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Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal

Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal

Mon, Oct 22, 2018

Luxembourg-based ArcelorMittal and its consortium will cough up Rs 52,000 crore to take over Ruia-promoted Essar Steel and Odisha Slurry Pipeline Infrastructure, two sources close to the development said.

Anil Agarwal indicates he is open to raising bid for Essar Steel

Anil Agarwal indicates he is open to raising bid for Essar Steel

Fri, Oct 19, 2018

Mining baron Anil Agarwal has indicated that he is open to raising bid for acquiring Essar Steel, saying his flagship Vedanta Ltd is the best suited to take over the indebted firm as it is an iron ore as well as natural gas producer - key ingredients for making steel.

Numetal questions ArcelorMittal eligibility to bid for Essar Steel before NCLAT (Eds: Updates with ArcelorMittal comments)

Numetal questions ArcelorMittal eligibility to bid for Essar Steel before NCLAT (Eds: Updates with ArcelorMittal comments)

Tue, Jul 03, 2018

Senior advocate Mukul Rohatgi appearing for Numetal said that although ArcelorMittal has offered to pledge Rs 7,000 crore in an escrow account but that is conditional.

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Fri, May 04, 2018

The world’s largest steelmaker ArcelorMittal on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.

Essar Steel CoC to meet ArcelorMittal, Numetal reps ahead of bids submission

Essar Steel CoC to meet ArcelorMittal, Numetal reps ahead of bids submission

Wed, May 02, 2018

VTB Bank-backed Numetal Consortium, which has offered to match the superior bid of ArcelorMittal, does not want to engage in a bidding war. ArcelorMittal has offered to pay off Rs 32,000 crore of the total debt of Essar Steel against Rs 18,000 crore offer made by Numetal.

Essar Steel sale: Numetal, ArcelorMital add riders to bids

Essar Steel sale: Numetal, ArcelorMital add riders to bids

Mon, Apr 30, 2018

Numetal Consortium and ArcelorMittal, the two initial bidders for Essar Steel, have attached conditions before they make any correction in their bid or any action they would take to acquire the steel asset.

Essar Steel sale hits another legal wall, this time in the form of Numetal

Essar Steel sale hits another legal wall, this time in the form of Numetal

Fri, Apr 27, 2018

The sale of Essar Steel assets under Insolvency and Bankruptcy Code (IBC) hit another legal hurdle on Thursday with the Numetal consortium moving the National Company Law Appellate Tribunal (NCLAT) to prevent the lenders from declaring initial bidders ineligible.

Essar Steel bid: LN Mittal led ArcelorMittal India faces Rs 8,000 cr bill

Essar Steel bid: LN Mittal led ArcelorMittal India faces Rs 8,000 cr bill

Mon, Apr 23, 2018

Going by the observation made by the Ahmedabad bench of National Company Law Tribunal (NCLT) in its order on Numetal India and ArcelorMittal India case, the latter would not be eligible for acquiring Essar Steel just by selling its stake in Uttam Galva Steel and KSS Petron.

NuMetal, LNM back in fray for Essar Steel?

NuMetal, LNM back in fray for Essar Steel?

Fri, Apr 20, 2018

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday put the ball back in the committee of creditors’ (CoC) court by ordering it and the resolution professional (RP) of Essar Steel to re-examine the eligibility of the two bids submitted in the first round.

Monnet Ispat lenders may take 64 pct haircut

Monnet Ispat lenders may take 64 pct haircut

Wed, Apr 11, 2018

All formalities relating to the resolution has to be completed by the deadline of April 13. According to a source in the know, the deal is likely to be around Rs 3,750 crore, of which close to Rs 2,750 crore could be in cash and remaining could be in equity.

Vedanta, ArcleorMittal, Numetal-JSW submit plan for Essar Steel in round 2

Vedanta, ArcleorMittal, Numetal-JSW submit plan for Essar Steel in round 2

Mon, Apr 02, 2018

JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its bid. Only two players, ArcelorMittal and Numetal, had submitted bids for Essar Steel on February 12 in the first round. Both the bids, however, were rejected by the SBI-led consortium of creditors finding them ineligible under the IBC laws that debar related parties from bidding

Stage set for second round of bidding for Essar Steel

Stage set for second round of bidding for Essar Steel

Mon, Apr 02, 2018

Only companies who had put in their expression of interest (EOI) in the first round will be allowed to bid, bankers said. Though Anil Agarwal-promoted Vedanta had pulled out in the first round of bidding, it is expected to participate in the fresh round despite having won Electrosteel Steels in an insolvency auction. “Vedanta has taken over Electrosteel, but it is only a very small facility. If they want a bigger play in India, they will look at scale . Essar Steel will fit into this scheme. So they are likely to bid,” a senior banker said

Bankruptcy proceedings against big Steel firms to help consolidation, woo MNCs

Bankruptcy proceedings against big Steel firms to help consolidation, woo MNCs

Sun, Mar 25, 2018

Bhushan Steel, Essar Steel, Monnet Ispat & Energy, and Electrosteel Steels are among the 40 largest defaulters referred by RBI for resolution under the new bankruptcy law and contribute half of the steel sector?s bad loans. EY points out that strong policy support in the form of the national steel policy, coal deregulation and focus on infrastructure development is expected to help the country to build a globally competitive metals and mining industry

Banks throw out Numetal, Arcelor Mittal bids for Essar Steel

Banks throw out Numetal, Arcelor Mittal bids for Essar Steel

Thu, Mar 22, 2018

The decision to reject both the bids was taken at a meeting of the committee of creditors (CoC) of Essar Steel here today, a banking source said, adding however, they have voted to allow a second round of bidding for the nearly crippled 10-million tonne-asset at Hazira in Gujarat.

Bids for Essar Steel by Numetal, ArcelorMittal rejected by lenders

Bids for Essar Steel by Numetal, ArcelorMittal rejected by lenders

Wed, Mar 21, 2018

While ArcelorMittal India has been found ineligible for its joint venture with Uttam Galva, which is at the NCLT awaiting resolution, Numetal's bid was done in by the fact that one of the promoters of the special purpose vehicle is Rewant Ruia, the son of Essar Group promoter Ravi Ruia, who is one of the original promoters of Essar Steel.

ArcelorMittal to form JV with Nippon Steel to buy India's Essar Steel

ArcelorMittal to form JV with Nippon Steel to buy India's Essar Steel

Fri, Mar 02, 2018

ArcelorMittal unit ArcelorMittal India Pvt Ltd submitted a plan to India`s National Company Law Tribunal, which deals with insolvency and company disputes, on Feb. 12 to bid for Essar Steel in partnership with Nippon Steel.

Claims worth Rs 3.13 lakh cr under insolvency proceedings

Claims worth Rs 3.13 lakh cr under insolvency proceedings

Mon, Jan 29, 2018

In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.

Now individuals can also seek NCLT help to recover dues

Now individuals can also seek NCLT help to recover dues

Mon, Jul 24, 2017

The Chennai bench of NCLT has admitted the application filed by the employees after the hotel failed to pay arrears of salary, gratuity and leave salary.

NCLT allows Essar Steel to file objections to SBI, SCB pleas

NCLT allows Essar Steel to file objections to SBI, SCB pleas

Wed, Jul 19, 2017

The Ahmedabad bench of the tribunal of judicial member Bikki Raveendra Babu granted time to Essar Steel till July 22 to file objections to the petitions moved by the two lenders against the company after the Gujarat High Court dismissed its petition yesterday.

Essar's steely resolve or road to liquidation?

Essar's steely resolve or road to liquidation?

Tue, Jul 18, 2017

After Gujarat HC dismissed Essar Steel's petition against RBI and lenders, Insolvency & Bankruptcy code (IBC), 2016 will commence immediately giving 180 days to make resolution plan.

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