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

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".....»»

Category: topSource: business-standardMay 25th, 2018

Battle for Essar Steel: Journey of Rewant Ruia from 100% to 0% in Numetal

Numetal was rejected in the first-round bidding as it was not compliant with section 29A of the Insolvency and Bankruptcy Code.....»»

Category: topSource: business-standardMay 24th, 2018

Tatas complete acquisition of controlling stake of 72.65% in Bhushan Steel

The investment from BNPL in Bhushan Steel has been done through a combination equity of Rs 1.58 billion and inter-corporate loan of Rs 349.73 billion.....»»

Category: topSource: business-standardMay 18th, 2018

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

Global steel giant has deposited the amount in an escrow account of SBI to become eligible to bid for bankrupt Essar Steel.....»»

Category: topSource: business-standardMay 18th, 2018

Insolvency: Tata Steel to seek loan for Bhushan Steel buy

The producer is in talks with banks about a six-month bridge facility.....»»

Category: topSource: business-standardMay 17th, 2018

News digest: PCA framework, Essar Steel sale, Highway rankings, and more

From RBI's PCA framework to NHAI's highway rankings, BS brings you top stories to keep up with the latest news.....»»

Category: topSource: business-standardMay 17th, 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

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

ArcelorMittal pays Rs 70 billion to become eligible bidder for Essar Steel

The payment relates to dues on account of Uttam Galva Steels and KSS Petron, both classified as non-performing assets (NPAs) for more than a year.....»»

Category: topSource: business-standardMay 15th, 2018

News digest: Karnataka results, PNB posts loss, Essar Steel bid, and more

It was clear from initial reactions in Bengaluru and Delhi that the BJP was not interested in tying up with the JD(S) to form a government at any cost.....»»

Category: topSource: business-standardMay 15th, 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 Steel resolution case: Arcelor, Numetal may get 7 days to pay dues

The committee of creditors (CoC) in the Essar Steel resolution case considered giving ArcelorMittal and Numetal seven days to clear outstanding dues to become eligible......»»

Category: topSource: business-standardMay 6th, 2018

News digest: Flipkart-Walmart deal, Essar Steel, smart TV market, and more

The group may even explore relocating the entire Walmart India operation to Bengaluru in the near future.....»»

Category: topSource: business-standardMay 6th, 2018

ArcelorMittal says may pay off dues of Uttam Galva as a "goodwill gesture"

The world's largest steel maker ArcelorMittal today asserted that its bid for debt-laden Essar Steel is "eligible" and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareho.....»»

Category: topSource: business-standardMay 3rd, 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

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

Trump will delay the start of possible trade war with some of the US"s closest allies

President Donald Trump will announce extensions to steel and aluminum tariff exemptions for si.....»»

Category: topSource: businessinsiderApr 30th, 2018