The National Company Law Appellate Tribunal (NCLAT) on Tuesday observed that the Committee of Creditors of Essar Steel cannot discriminate between operational creditors of the debt-ridden firm. The CoC of Essar Steel...
Banks approve Rs 2,400-crore resolution plan for steel assets of Uttam Galva
Lenders to the distressed steel assets of Uttam Value Steels and Uttam GalvaNSE 9.36 % Metallics on Sunday approved a Rs 2,400-crore resolution package in a staggered payment plan that requires banks to take haircuts of...
NCLT rejects ArcelorMittal’s plea for EPC re-vote
The dedicated bankruptcy court has rejected Arcelor-Mittal India’s plea to set aside the resolution plan submitted by Royale Partners Investment Fund (RPIF) for EPC Construction India (EPIL), formerly Essar Projects...
Essar Steel operational creditors question CoC over discrimination
Essar Steel’s operational creditors with claims of over ₹1 crore Wednesday alleged that the committee of creditors of the debt-ridden firm has been “monopolised” by its financial lenders and sought...
Edelweiss ARC, Indostar buy out exposure of lenders to BMM Ispat
Non-bank finance company Indostar and Edelweiss Asset Reconstruction Company have bought an exposure of the lenders to Bengaluru-based-steel firm BMM Ispat in a financial asset auction, conducted by State Bank of India...
ArcelorMittal gets EC nod to sell European steel assets to Liberty House
Global steel giant ArcelorMittal Wednesday said it has received approval from the European Commission to sell steel-making assets in Europe to Liberty House. “ArcelorMittal announces that it has received European...
Liberty House not losing hope for Adhunik Metaliks
In spite of failing to pay up ₹410 crore obligation within the deadline for the takeover of the debt-ridden Adhunik Metaliks, the Liberty House is hopeful of striking the deal, even as the issue will be heard in the...
Liberty misses deadline to pay Rs 410 crore bid money for Adhunik Metaliks
Liberty House Group has failed to pay the Rs 410-crore offer money for stressed steel company Adhunik MetaliksNSE -3.77 % within the deadline set by the bankruptcy court. The UK-based conglomerate cited lack of...
Bankruptcy delays raising bidders’ funding costs: JSW Steel
Delays in the sale of assets under India’s bankruptcy law are becoming a key challenge for bidders who “cannot wait indefinitely” because of funding constraints, according to JSW Steel Ltd. The Sajjan Jindal-run...
JSW Steel sells $500 million debt to overseas investors
The country’s largest private sector steel-maker JSW Steel Wednesday raised USD 500 million through an international bond issue. The five-year dollar money sale saw high demand from investors across Europe and...
NCLAT may ask Arcelor to deposit Essar bid amount of Rs 42,000 cr on Apr 23
Essar Steel India’s debt resolution inched closer to finality as the National Company Law Appellate Tribunal (NCLAT) on Tuesday said it might ask ArcelorMittal to deposit the bid amount of Rs 42,000 crore in a...
Tatas complete take over of Usha Martin’s steel business
Tata SpongeNSE 2.44 % has said it has completed the acquisition of Usha MartinNSE 2.84 %’s steel business undertaking including captive power plants, on Tuesday, April 09, 2019. The deal was completed...
