Essar Steel

Wednesday, Apr 24, 2024 | Last Update : 12:55 PM IST

ArcelorMittal aims to complete Essar Steel acquisition by 2019-end

The Supreme Court on Friday paved the way for ArcelorMittal takeover of Essar Steel for Rs 42,000 crore.

19 Nov 2019 11:22 AM

The Supreme Court on November 15, paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4

Look forward to close Essar Steel acquisition soon: ArcelorMittal

Essar Steel was auctioned under the new IBC to recover Rs 54,547 cr of unpaid dues of financial lenders and operational creditors.

15 Nov 2019 4:17 PM

Essar SteelBanks had moved the Supreme Court earlier this year after an appellate court judgment put the claims of Essar’s operational creditors on par with those of its lenders.

Supreme Court clears path for ArcelorMittal to acquire Essar Steel

The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company.

15 Nov 2019 12:27 PM

While the group deleveraged some of its assets, its flagship Essar Steel was dragged to bankruptcy proceedings by lenders over unpaid loans. (Photo: File)

Essar leads corporate deleveraging; pays off Rs 1.4 lakh crore: Prashant Ruia

I think we were the first to get off the block and actually take some decisive steps to reducing leverage, said Essar's Prashant Ruia.

13 Oct 2019 11:36 AM

NCLAT gave operational creditors equal status as lenders in the distribution of the ArcelorMittal's bid amount among the creditors of Essar Steel.

Supreme Court orders status quo in Essar insolvency case

Essar Steel was auctioned under the new IBC to recover Rs 54,547 crore of unpaid dues of financial lenders.

22 Jul 2019 11:29 AM

The NCLAT said financial creditors will get 60.7 per cent of their admitted claims of Rs 49,473 crore. The rest would go to operational creditors.

NCLAT rejects Ruia's bid to block ArcelorMittal; approves bid for Essar Steel

Essar Steel was auctioned under the new IBC to recover Rs 54,547 cr of unpaid dues of financial lenders and operational creditors.

05 Jul 2019 9:09 AM

NCLAT had earlier reserved its order over a batch of petitions against ArcelorMittal's Rs 42,000-crore takeover bid for Essar Steel.

NCLAT clears ways for takeover of Essar Steel by ArcelorMittal

Total claims of financial and operational creditors stand revised to Rs 69,192 crore.

04 Jul 2019 3:36 PM

A two-member bench headed by Chairman Justice S J Mukhopadhaya asked all parties, including ArcelorMittal, to file their written submissions over their submissions by Wednesday.

NCLAT reserves order on ArcelorMittal takeover of Essar Steel

Essar Steel has reported an Ebitda of around Rs 4,000 crore during the over 600 days of insolvency period.

21 May 2019 5:22 PM

The NCLAT would continue to hear the Essar Steel insolvency case on May 21.

ArcelorMittal to pay Rs 42K cr for Essar Steel takeover: Co tells NCLAT

Senior advocate Harish Salve appearing for ArcelorMittal accused Ruias of creating hurdles in Essar Steel resolution process.

20 May 2019 5:18 PM

The affidavit, however, said that 'figures from April 1, 2019 till date are not available'.

Essar Steel reports Rs 4,229 crore EBITDA during insolvency period

The Committee of Creditors (CoC) had voted in favour of Rs 42,000 crore take over plan of the global steel major ArcelorMittal.

19 May 2019 12:43 PM

Mittal's association with these companies would make him ineligible as a bidder.

ArcelorMittal resolution plan violative of IB Code: Ruia to NCLAT

Essar Steel submitted before the NCLAT that the resolution plan moved by ArcelorMittal is in violation of the IBC.

16 May 2019 8:39 AM

In its petition, ESAHL said Arcelor Mittal India Ltd and its promoter Lakshmi Mittal had "misled" the Supreme Court, lenders and insolvency court into believing that they had ceased to have any business association with Pramod and Vinod Mittal and their companies.

Essar Steel shareholder seeks rejection of ArcelorMittal bid for company

Essar Steel shareholder ESAHL said ArcelorMittal India Ltd and its promoter Lakshmi Mittal had 'misled' Supreme Court.

07 May 2019 3:12 PM

CoC of Essar Steel has divided creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore.

Essar Steel posts EBITDA of Rs 2,000 crore, may use funds to repay creditors

The CoC had challenged the orders of the NCLAT of March 18 and March 20 before the Supreme Court by filing an SLP.

29 Apr 2019 1:48 PM

The CoC of Essar Steel has divided operational creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore.

Essar Steel CoC cannot discriminate between operational creditors, observes NCLAT

The NCLAT would continue the hearing in the matter on Wednersday.

24 Apr 2019 8:44 AM

ArcelorMittal did not have any immediate comment.

Supreme Court halts ArcelorMittal payment to buy Essar Steel: report

India’s bankruptcy court had approved ArcelorMittal’s USD 6 billion bid for debt-ridden Essar on March 8.

12 Apr 2019 4:33 PM

The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt ridden Essar Steel.

NCLAT may ask ArcelorMittal to deposit Rs 42,000 cr for acquiring Essar Steel

The bench also directed the operational creditors and financial creditors of Essar Steel to file a chart next week.

09 Apr 2019 3:59 PM

The appellate tribunal also said it will also look into the issue of discriminatory distribution of the funds between financial and operational creditors.

NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 cr plan for Essar Steel

ArcelorMittal's resolution proposal provides financial creditors Rs 41,987 cr out of their total dues of Rs 49,395 cr.

18 Mar 2019 3:57 PM

The bank is expects a write back of around Rs 1,800 crore from the Essar Steel account.

BoI to raise Rs 400-500 cr from non-core asset sale this month

The bank had also earlier planned to raise around Rs 800 crore by selling stake in STCI Finance and Sidbi.

14 Mar 2019 3:14 PM

Ex Essar Steel directors approach NCLT against ArcelorMittal takeover

On Friday, Ahmedabad bench of NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over debt-ridden Essar Steel.

11 Mar 2019 5:35 PM

ArcelorMittal’s takeover proposal for the indebted steel-maker was approved by the Essar Steel’s Committee of Creditors (CoC) last October and it was pending before the NCLT for approval since.

Essar: NCLT clears ArcelorMittal’s bid

Clearing ArcelorMittal's bid, NCLT said that it cannot impose judicial view over banks’ wisdom.

09 Mar 2019 1:06 AM

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Sanjeev Ahluwalia

essar steel