JSW Steel Ltd will not be able to seek an equity partner in the initial stage of its acquisition of bankrupt Bhushan Power and Steel Ltd (BPSL), said a senior company executive. Recent rulings by courts under the...
NCLT rejects insolvency plea against Bhushan Steel
The National Company Law Tribunal (NCLT) has dismissed a petition seeking to once again drag Bhushan SteelNSE 4.94 %, which Tata Steel took over last year, to the insolvency court to recover unpaid dues of about Rs 18...
Decide on ArcelorMittal Essar Steel bid by 8 March, NCLAT tells NCLT
The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the NCLT Ahmedabad Bench to take a decision on the ₹42,000-crore resolution plan submitted by ArcelorMittal for debt-ridden Essar Steel by 8 March...
After IBC war Ruias & ArcelorMittal talk deal for Hazira port & power plant
Essar Group has discussed the sale of its captive port and power plant in Hazira, Gujarat, for Rs 8,500-10,000 crore with ArcelorMittal, multiple people aware of the discussions said. In a sign that the London-based...
Fresh bids invited for Uttam Value & Metallics
Fresh bids are being invited for Uttam Value Steels and Uttam Galva Metallics, after the lenders to the two companies rejected offers from SSG Capital Management and New Zone Intertrade FZE terming them...
Tata Steel sells indirect subsidiary Black Ginger
Domestic giant Tata Steel said on Monday it has divested the entire stake in indirect subsidiary Black Ginger 461 Pty Ltd (Black Ginger) to a Switzerland-based metals and mining group. Black Ginger has stake in an iron...
NCLT reserves order on Arcelor’s Essar bid
Essar Steel’s insolvency hearing ended on Thursday with the Ahmedabad bench of the National Company Law Tribunal reserving its judgement. The bankruptcy court is expected to pronounce multiple orders, including the main...
JSW Steel set to acquire Bhushan Power
JSW SteelNSE -1.92 % Tuesday went procedurally a step closer to acquiring an asset in bankruptcy-induced ownership change after the administrator overseeing the sale of Bhushan Power and Steel issued a letter of intent...
JSW Steel gets letter of intent for Bhushan Power & Steel acquisition
Bhushan Power & Steel, one of the 12 cases mandated by the Reserve Bank of India to be resolved under the Insolvency and Bankruptcy Code (IBC) has got a leg-up with the letter of intent (LOI) of being issued in JSW...
NCLAT extends deadline for NCLT Ahmedabad to decide on Essar Steel insolvency case by February 19
The National Company Law Appellate Tribunal (NCLAT) Tuesday granted NCLT Ahmedabad a week more to decide over the Rs 42,000 crore resolution plan submitted by ArcelorMittal for the debt ridden Essar Steel. A two member...
Essar Steel insolvency case: Operational creditors on tenterhooks
The fate of operational creditors in the Essar Steel insolvency case hangs in the balance, with the Supreme Court on Monday rejecting their petitions to stay the proceedings, and the bankruptcy tribunal’s Ahmedabad...
Thyssenkrupp, Tata Steel set to get EU warning on steel JV: Sources
EU antitrust regulators will likely warn this week Germany’s ThyssenKrupp and India’s Tata Steel NSE 2.18 % about their landmark joint venture unless they pre-empt the move by offering concessions, people...
