National Company Law Tribunal’s (NCLT’s) Kolkata Bench has turned down a prayer from the committee of creditors (CoC) of Adhunik Metaliks to pass an interim order to revive the corporate insolvency...
ArcelorMittal undervaluing Essar Steel, say Ruias
A day after ArcelorMittal castigated corporate rivals for trying to sabotage its takeover bid of insolvent Essar SteelNSE 0.00 %, the Essar Group, which is now interested in getting back the debt-laden steel company...
ArcelorMittal’s Essar bid delays planned JV with SAIL -official
ArcelorMittal’s prolonged bid to buy debt-ridden Essar Steel is delaying the world’s biggest steelmaker’s joint venture with state-owned Steel Authority of India Ltd (SAIL), India’s steel...
SBI sale of debt in Essar Steel not to stall IBC process, say sources
State Bank of India has decided to sell its loans in Essar Steel as it could see a spurt in provisioning for bad loans and erosion in capital base if the steel maker’s insolvency process gets delayed further...
JSW Steel unlikely to bid for Uttam Value, Galva Metaliks
JSW Steel is unlikely to bid for Uttam Value Steels and Uttam Galva Metaliks as its chances of securing Bhushan Power and Steel get stronger, three people aware of the development said. JSW Steel had put in an...
BHEL moves NCLAT against Monnet Ispat’s CoC, bats for operational creditors
Government-owned Bharat Heavy Enterprises Limited (BHEL) has moved the National Company Law Appellate Tribunal (NCLAT) challenging the decision of the Committee of Creditors (CoC) of Monnet Ispat & Energy to assign...
JSW Steel faces no competition for Bhushan Power and Steel as Tatas not to revise bid
JSW Steel, which came from behind to surge ahead of the Tatas in the race for Bhushan Power and Steel Ltd (BPSL) with an offer of Rs 19,700 crore, is unlikely to face competition in its bid to acquire the stressed asset...
Posco, Hyundai Steel are in India’s sight for tie-ups
India has approached steelmakers such as Posco and Hyundai Steel Co. to partner its state-owned mills, as Prime Minister Narendra Modi seeks to stoke local production of high-grade steel and reduce import dependence...
ArcelorMittal, JSW Steel likely to bid for Asian Colour Coated Ispat
After Essar, ArcelorMittal and JSW Steel might find themselves vying for yet another stressed asset. The two steel majors have reportedly bid for Asian Colour Coated Ispat, a downstream unit in the sector that was on...
Can’t have a one-size-fits-all policy for insolvency, says Prashant Ruia
Essar Group CEO Prashant Ruia says there must be a distinction in the bankruptcy code to deal with instances where the promoter has done something wrong and when it is a genuine business decision that has failed. When...
NCLAT asks Liberty House if it will go ahead with Amtek Auto resolution
The National Company Law Appellate Tribunal (NCLAT) has asked if UK-based Liberty House is willing to go ahead with its resolution plan for the debt-ridden Amtek Auto in which it has emerged as the highest bidder. The...
NCLT to decide Essar case by January 31
The dedicated bankruptcy court deciding the resolution of Essar Steel would likely give its verdict by January 31 after an appeals tribunal last week urged a speedy decision on the pending insolvency proceedings. NCLT...
