Even as the Supreme Court on Monday dismissed the petitions of operational creditors of bankrupt Essar Steel, which includes Indian Oil Corporation, the promoters of the company — Ruias — moved the National Company Law Appellate Tribunal (NCLAT) against the January order of the Ahmedabad bench of the National Company Law Tribunal (NCLT) which had rejected its plea for placing an offer for resolution of the company.
Standard Chartered Bank (SCB) doesn’t have anything to argue as its loan is not secured with project assets but it is still delaying the case using arm-twisting and blackmailing tactics, the Committee of Creditors (CoC) counsel told the Ahmedabad bench of National Company Law Tribunal (NCLT) on Friday during the hearing of Essar Steel insolvency case.
Defending itself against Standard Chartered Bank from diluting its bid for Essar Steel, ArcelorMittal on Thursday told the National Company Law Tribunal’s Ahmedabad Bench that lenders would gain more from the deal. The bank alleged that as against an upfront payment of Rs 42,000 crore, in addition to working capital adjustments of Rs 2,500 crore, the LN Mittal-led firm negotiated its bid downwards in collaboration with State Bank of India-led Committee of Creditors (CoC).
During the hearing of Essar Steel’s insolvency case at the Ahmedabad bench of National Company Law Tribunal (NCLT), Standard Chartered Bank (SBC) counsel argued that SBC was discriminated against and not counted as a secure financial creditor and, as result of which, the bank was getting mere `60.71 crore against `3,487 crore, which is hardly 1.7 percent of total claim.
The counsel told NCLT on Tuesday that SBC too should be treated equally with other members of committee of creditors (CoC).
The long-drawn Essar Steel insolvency saga may now be heading towards a denouement. Nearly 550 days after the case was admitted by a company tribunal to find a suitor, more than twice the law-mandated deadline of 270 days, it now appears a successful resolution plan may be declared shortly.
Southfield/Michigan/Frankfurt: The much-anticipated alliance announcement by Volkswagen AG and Ford Motor Co. left investors feeling let down as it lacked a big-bucks plan to join forces on electric vehicles and self-driving cars.
Wall Street was hoping for a blockbuster deal, such as the billions of dollars General Motors Co. landed for its self-driving unit from Honda and SoftBank Vision Fund last year.
Mumbai: With last minute-litigation delaying recovery of Essar Steel loan, State Bank of India (SBI) on Wednesday put on sale its Rs 15,431-crore exposure to the steelmaker on a full-cash basis. In the sale notice on its website, the bank said the aggregate reserve price for the bidding has been set at Rs 9,588 crore.
These include categories like working capital, term loan, corporate loan, export performance bank guarantee (EPBG) and standby letter of credit (SBLC).
Essar Global, the holding company of Essar Group, on Monday said that it has paid back last tranche of Rs 12,000 crore to its Indian and foreign lenders. Essar Global has now repaid Rs 1.37 lakh crore or 80 per cent of group debt in 2 years, the company said in a statement. The latest repayment is in addition to Rs 30,000 crore made in August 2017 from the proceeds arising out of the sale of Essar Oil to Russia’s Rosneft, the company said.
The Ahmedabad Bench of National Company Law Tribunal (NCLT) has been directed by the National Company Law Appellate Tribunal (NCLAT) on Thursday to expedite the hearing process on Essar Steel insolvency case in order to arrive at a decision quickly.
A two-member bench, led by NCLAT Chairman Justice S J Mukhopadhaya, asked the Ahmedabad Bench of the NCLT to take a decision expeditiously in the matter following a Supreme Court verdict.
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