Essar Steel lenders to seek guidance from NCLAT on Mittal offer

Legal sources close to Numetal said if the bids were rejected on commercial terms then the 30-day cure period could be circumvented.....»»

Lenders to take haircut of 40% on ArcelorMittal's offer and 70% on Numetal's.....»»

If Uttam Galva's dues are paid, it could smoothen ArcelorMittal's bid for Essar Steel.....»»

ArcelorMittal was found to be ineligible on technical grounds because it had sold shares in Uttam Galva Steels but had not been declassified as a promoter from stock exchange records.....»»

ArcelorMittal is ready to pay Uttam Galva's debt. The company held a 29% stake in the steel company.....»»

State Bank of India (SBI) filed the petition in the NCLAT on behalf of the Committee of Creditors (CoC) of Essar Steel seeking the "earliest possible date for hearing on a day to day basis".....»»

U.S. regulators are considering issuing guidance that would encourage lenders to offer loans to low-income individuals and to provide leniency on some repayments amid the coronavirus pandemic, an official within a banking agency told Reuters......»»

Numetal may also bring up the issue of apprehension of its bid being rejected by the CoC later.....»»

According to media reports, ArcelorMittal had quoted higher than Numetal, which still is below the fair value as it quotes only 40% of Rs 450 bn due to them from Essar Steel.....»»

Legal sources close to Numetal said if the bids were rejected on commercial terms then the 30-day cure period could be circumvented.....»»

A source who attended CoC meeting in Mumbai on Tuesday said the Kroll report was taken on record by the lenders and it would be taken up for further discussion in the next meeting.....»»

A source who attended CoC meeting in Mumbai on Tuesday said the Kroll report was taken on record by the lenders and it would be taken up for further discussion in the next meeting.....»»

Committee of creditors (CoC) for Essar Steel to take call on bids after order by Ahmedabad bench of the National Company Law Tribunal (NCLT).....»»

The NCLT order rendered invalid the second round of bidding held on April 2.....»»

ArcelorMittal also filed a separate appeal against being disqualified for bidding for Essar Steel.....»»

ArcelorMittal has already written to the State Bank of India and said that it would repay all dues.....»»

ArcelorMittal may have to clear outstanding dues totalling Rs 70 billion, if it wishes lay its claim as an eligible bidder.....»»

In February, just before the first round of bidding for the steel company was opened, ArcelorMittal sold its stake in both Uttam Galva Steels and KSS to be eligible.....»»

The Committee of Creditors on May 2 had met representatives of ArcelorMittal and Numetal regarding their eligibility for Essar Steel and a decision is awaited.....»»

Numetal said it had argued before the CoC that it was a fully eligible resolution applicant under the IBC.....»»