Essar Steel Insolvency Case

The apex court said that the monitoring committee will continue its work in Essar insolvency till case is heard on August 7

CoC to have no role in distribution of amount between operational and financial creditors, rules NCLAT

CoC says Rs 2,500 crore kept as minimum guarantee for financial creditors during pendency of resolution process

A two member bench headed by Justice S J Mukhopadhaya has directed the Ahmedabad bench of the National Company Law Tribunal (NCLT) to decide over the matter by February 19

The corporate insolvency resolution process of Essar Steel has been running for around 500 days now, against the deadline of 270 days

ArcelorMittal told the two-members NCLT Bench contrary to the bank's claims its resolution plan was openly negotiated by members of the CoC to include an upfront payment of Rs 39,500 crore

Standard Chartered bank has alleged bias in the process as top banks held 'illegal' meetings' but all other banks approved

The Competition Commission has approved the acquisition of debt-ridden Essar Steel by a consortium of ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corporation. Earlier this month, ArcelorMittal had offered Rs 42,000 crore to acquire Essar Steel, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal. ArcelorMittal and Numetal are in the race to acquire Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks. "@CCI_India finds no appreciable adverse effect on competition in respect of ArcelorMittal and Nippon Steel & Sumitomo Metal's proposed acquisition of Essar Steel," the fair trade regulator said in a tweet Thursday. Deals beyond a certain threshold are required to get clearance from the Competition Commission of India (CCI). According to the notice submitted to the CCI, the proposed combination is pursuant to a resolution plan filed by ArcelorMittal India before the resolution professional for .

Lenders seek legal opinion on ArcelorMittal's 'commitment'

The revised offer also includes a commitment to pay Rs 70 bn dues to the financial creditors of Uttam Galva and KSS Petron to be eligible in the race to acquire Essar Steel

NCLAT directed ArcelorMittal to clear its dues on account of defaulting firms by September 11 to be an eligible bidder

The companies had filed petitions challenging the decision by Essar Steel's resolution professional to bar both from bidding the stressed firm

While the stipulated 270-day deadline for resolution under the IBC for Essar Steel ended on April 29, revised deadline by the NCLT due to the case, too ended on May 28

National Company Law Tribunal (NCLT)-appointed resolution professional Satish Kumar Gupta has invited expression of interest (EOI) for a resolution plan for Ruias-owned Essar Steel on October 23, at or before 5 PM. Any potential applicant who plans to submit a resolution plan, has to alongside provide relevant documents satisfying eligibility criteria available on the Essar Steel website, a public notice said today.The consideration, evaluation and approval of eligible resolution plans forwarded by resolution professional Satish Kumar Gupta of Alvarez & Marsal India to the Committee of Creditors (CoC) is within the powers of CoC under the provisions of the Insolvency and Bankruptcy Code 2016, informed the notice. Essar Steel is an integrated steel producer with an installed capacity of 10 million tonne in Gujarat. In June, the Reserve Bank of India directed lenders to refer about 12 companies to the bankruptcy court under the Insolvency and Bankruptcy Code (IBC) following ...

SBI, Standard Chatered Bank filed petitions, demanding the clearance of Rs 34,000-cr dues

Ongoing hearing of insolvency proceedings against Essar Steel at NCLT bench was put off for July 26

Firm claims application signatory did not carry proper authorisation; hearing put off to July 25

The story so far: The Gujarat HC recently dismissed Essar Steel's plea challenging RBI's insolvency