IndiaCatalog.com
Login Signup
IndiaCatalog.com
Home Web Directory Classifieds Yellow Pages Global Directory City Guide News Photo Galleries
Login
Signup
  • Home
  • News
  • Essar Steel Related news

Essar Steel Related news

Essar Steel lenders urge NCLAT to expedite insolvency resolution process

Essar Steel lenders urge NCLAT to expedite insolvency resolution process

Lenders to Essar Steel on Wednesday urged the NCLAT to complete its insolvency resolution process in "quick" time, saying the debt-ridden company is incurring a daily loss of Rs 17 crore.

At a hearing of the National Company Law Appellate Tribunal (NCLAT), Sudipto Sarkar, counsel appearing for the Committee of Creditors (CoC) of Essar Steel, requested it to expedite the process.

ARCELORMITTAL SEEKS DISQUALIFICATION OF NUMETAL BID FOR ESSAR STEEL

ARCELORMITTAL SEEKS DISQUALIFICATION OF NUMETAL BID FOR ESSAR STEEL

Locked in a direct fight to acquire Essar Steel, ArcelorMittal on Thursday sought disqualification of Russia’s VTB Capital-backed NuMetal Ltd, alleging that the firm was acting in concert with delinquent promoters of Essar group.

When first bids for loan defaulter Essar Steel were called in February, Rewant owned 25 per cent in Mauritius-based investment vehicle NuMetal.

ArcelorMittal points to Essar Steel lenders' backing in NCLAT

ArcelorMittal points to Essar Steel lenders' backing in NCLAT

Lenders to Essar Steel feel that ArcelorMittal, “a serious and credible resolution applicant”, has displayed “a genuine intention and taken concrete steps” by attempting to clear overdues in defaulting firms whereit was a shareholder.

This was stated by ArcelorMittal, with reference to the documents presented in the NCLAT on Wednesday.

Essar Steel dues to pipeline firm continue to pile up

Essar Steel dues to pipeline firm continue to pile up

Odisha Slurry Pipeline Infrastructure (OSPIL), which owns the pipeline carrying iron ore to Essar Steel, has not been receiving payments from the steelmaker, Sunil Kanoria, vice-chairman, Srei Infrastructure Finance, has confirmed. Essar Steel is currently in the midst of a corporate insolvency resolution process. Kanoria told FE that since the pipeline is a leased asset, payments should have been regular. “It’s an operating expense and the company should have paid the monthly rentals.

Essar Steel lenders may not allow Numetal to change structure in second bid

Essar Steel lenders may not allow Numetal to change structure in second bid

Lenders to Essar Steel may not allow Numetal to change its corporate structure stated in the second round of bidding if it comes up for consideration.

“The committee of creditors (CoC) may not allow Aurora Enterprises to be dropped from Numetal because this is not a fresh request for proposal (RFP),” a major lender said.

Essar Steel insolvency: Lenders move NCLAT for early hearing of case

Essar Steel insolvency: Lenders move NCLAT for early hearing of case

Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they are losing a lot of money because of the delays.

The NCLAT had on May 22 ordered status quo on insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility.

NCLAT puts Essar Steel insolvency process on hold

NCLAT puts Essar Steel insolvency process on hold

Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Tuesday directed the insolvency resolution professional and committee of creditors (CoC) for Essar Steel Ltd as well as National Company Law Tribunal’s (NCLT) Ahmedabad bench to not pass any order, including an order of liquidation, with respect to Essar Steel’s insolvency.

Battle for Essar Steel: ArcelorMittal sets terms for Rs 70 bn repayment

Battle for Essar Steel: ArcelorMittal sets terms for Rs 70 bn repayment

Indian lenders will have access to Rs 70 billion deposited by ArcelorMittal in an escrow account, but only after the L N Mittal-owned company gets approval from the National Company Law Tribunal (NCLT) to take over Essar Steel and all pending litigation against the stressed steel asset are resolved before the acquisition.

Bidding wars: Numetal reveals Rs 370 billion new offer for Essar Steel

Bidding wars: Numetal reveals Rs 370 billion new offer for Essar Steel

VTB-backed Numetal on Thursday disclosed in the National Company Law Appellate Tribunal (NCLAT) that its bid value in the second round of bidding for Essar Steel is Rs 370 billion, short of double its first offer of Rs 190 billion, and about Rs 65 billion higher than ArcelorMittal’s bid in the first round.

Essar Steel bidding: ArcelorMittal offers to repay Uttam Galva, KSS debt with riders

Essar Steel bidding: ArcelorMittal offers to repay Uttam Galva, KSS debt with riders

Mumbai: ArcelorMittal Netherlands BV’s transfer of Rs7,000 crore to settle the dues of Uttam Galva Steels Ltd and KSS Petron Pvt. Ltd is conditional on Essar Steel Ltd lenders accepting its bid for the company in the ongoing insolvency resolution process, two people aware of the matter said.

  • Previous
  • 5
  • 6
  • 7
  • 8
  • 9
  • Next

Post a FREE Classified Advertisement

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.

Most Read News

IndiaCatalog News
HAL hits new high on strong Q4 results; stock soars 18% in a week
IndiaCatalog News
Lupin slips 9%, hits 2-year low on disappointing March quarter results
IndiaCatalog News
Short-term benefit of extra booster dose of mRNA vax in health workers: WHO
IndiaCatalog News
Bharti Airtel trades weak despite strong Q4; down 5% from intra-day high
IndiaCatalog News
Arvind Kejriwal govt inducts two robots in Delhi's firefighting fleet

CORPORATE NEWS

Punjab National Bank
Punjab National Bank
Essar Oil Ltd.
Essar Oil Ltd.
HDFC Bank
HDFC Bank
DLF Ltd
DLF Ltd
Oil and Natural Gas Corporation Limited (ONGC)
Oil and Natural Gas Corporation Limited (ONGC)
National Stock Exchange of India Ltd (NSE)
National Stock Exchange of India Ltd (NSE)
Lanco Industries
Lanco Industries
N I I T
N I I T

PHOTO GALLERY

Top 10 Richest Countries 2017
Top 10 Richest Countries 2017
Jwala Gutta
Jwala Gutta
Aditi Rao Hydari
Aditi Rao Hydari
BMW X3
BMW X3
Riteish Deshmukh
Riteish Deshmukh
Kalimatatemple
Kalimatatemple
Roohi
Roohi
Aadi
Aadi
IndiaCatalog.com

IndiaCatalog.com is a website brought to you by Portland Technologies to provide directory of Indian websites, News, City Guides and profiles of Indian Businesses. Portland Technologies also provides IT solutions for Small and Medium Businesses in India.


Products

India Web Directory

Global Web Directory

Yellow Pages

Photo Galleries

FREE India Classifieds


Useful links

About us

Advertise

Link to us

Submit a Site

Business Reviews


Contact

Plot #37, Ramnagar Gundu, Hyderabad - 500 044

service@indiacatalog.com

+91-40-23756949


© Copyright: IndiaCatalog.com