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Essar Steel lenders to seek guidance from NCLAT on Mittal offer

Numetal and ArcelorMittal had moved the NCLAT against a previous order of the National Company Law Tribunal's (NCLT's) Ahmedabad bench.....»»

Category: topSource: business-standardMay 16th, 2018

Lenders likely to reject ArcelorMittal"s conditional offer for Essar Steel

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

Category: topSource: business-standardMay 1st, 2018

Battle for Essar Steel: Numetal may move NCLAT ahead of lenders" meet

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

Category: topSource: business-standardApr 25th, 2018

Arcelor bids higher than Numetal for Essar Steel; CoC to meet on Friday

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

Category: topSource: business-standardApr 24th, 2018

Insolvency proceedings: Uttam Galva Steels asks lenders for counter-offer

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

Category: topSource: business-standardApr 22nd, 2018

Insolvency: Essar Steel lenders face tough call; CoC may seek fresh bids

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.....»»

Category: topSource: business-standardApr 19th, 2018

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

Numetal is also offering Rs 20 billion for Odisha Slurry Pipeline Infrastructure.....»»

Category: topSource: business-standardMay 17th, 2018

Essar Steel auction: NuMetal offers Rs 370 bn, wants 2nd round of bids

Senior advocate Mukul Rohatgi appearing for NuMetal said that the second round would help to maximise value for lenders......»»

Category: topSource: business-standardMay 17th, 2018

Working "very closely" with L N Mittal on Arcelor"s future plan: Son Aditya

ArcelorMittal is in the race to acquire debt-laden Essar Steel which is undergoing insolvency proceedings.....»»

Category: topSource: business-standardMay 13th, 2018

Numetal might challenge demand for payment of dues by Essar Steel lenders

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

Category: topSource: business-standardMay 10th, 2018

Will be surprised if ArcelorMittal is out of Essar Steel race: LN Mittal

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.....»»

Category: topSource: business-standardMay 7th, 2018

Essar lenders" meet remains inconclusive, CoC to meet on Saturday

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.....»»

Category: topSource: business-standardMay 2nd, 2018

Essar Steel lenders to give time to bidders to cure ineligibility

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

Category: topSource: business-standardApr 27th, 2018

Essar Steel sale: Lenders must negotiate with chosen bidder, says Arcelor

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

Category: topSource: business-standardApr 27th, 2018

Numetal moves NCLAT against ArcelorMittal"s eligibility for Essar Steel

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

Category: topSource: business-standardApr 27th, 2018

Essar Steel sale: Numetal moves NCLAT against NCLT; Arcelor writes to SBI

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

Category: topSource: business-standardApr 26th, 2018

Essar Steel: Numetal moves NCLAT ahead of bankers" meet on Friday

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.....»»

Category: topSource: business-standardApr 26th, 2018

Battle for Essar Steel: Numetal may move tribunal ahead of lenders" meet

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

Category: topSource: business-standardApr 25th, 2018

ArcelorMittal, Numetal ineligible to bid for Essar Steel: Kroll report

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.....»»

Category: topSource: business-standardApr 25th, 2018

ArcelorMittal, Numetal have pending cases, can"t bid for Essar Steel: Kroll

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.....»»

Category: topSource: business-standardApr 25th, 2018

Essar Steel sale: Lenders may give time to Arcelor, Numetal to rectify bids

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

Category: topSource: business-standardApr 23rd, 2018