Prashant Ruia, the promotor of debt-ridden Essar SteelNSE 0.00 %, Wednesday submitted before the National Company Law Appellate Tribunal that the resolution plan moved by ArcelorMittal is in violation of the Insolvency...
Steel
Proxy advisory company reject JSW Steel scheme
A proposed employee benefit scheme facilitating acquisition of company shares by certain eligible employees of JSW Steel has fallen foul of proxy advisory firms such as SES that has asked shareholders to vote against...
Debt-laden Tata Steel may have to sell assets
With the plan to merge Tata Steel Europe (TSE) with German giant ThyssenKrupp’s steel unit in the continent abandoned, the brass at Tata Sons and Tata Steel may seek to recalibrate the latter’s highly leveraged...
NCLT gives a second chance to Ushdev’s Singaporean bidder
The National Company Law Tribunal (NCLT) Monday asked Singaporean investor Taguda to submit an fresh affidavit giving details of its resolution plan for steel trading firm Ushdev International that owes Rs 3,450 crore...
ThyssenKrupp sees room for EU agreement on Tata Steel deal
ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal...
NCLAT prepones hearing on Essar Steel to May 7
The National Company Law Appellate Tribunal (NCLAT) on Tuesday preponed its scheduled hearing over the resolution process of debt-ridden firm Essar Steel to May 7. The Committee of Creditors (CoC) of the company had...
Liberty seeks time, Committee of Creditor appeals for fresh Adhunik bid
The Committee of Creditors (CoC) for Adhunik MetaliksNSE 4.65 % Tuesday appealed to re-initiate the CIRP as Sanjeev Gupta-led Liberty House had not paid the required upfront cash payment of Rs 410 crore to lenders by...
Uttam value, Galva lenders ignored higher bid
Within days of CarVal Investors securing the support of lenders to Uttam Value and Uttam Galva Metallics, it has been learnt that the bankers to the distressed steel companies had ignored a higher bid from a consortium...
Essar Steel CoC cannot discriminate between operational creditors, observes NCLAT
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...
