Business Standard

Essar Steel Insolvency

A killer judgment

India must guard against perverse bankruptcy judgments, such as the one on Essar Steel

A killer judgment
Updated On : 22 Jul 2019 | 1:48 AM IST

Govt likely to oppose NCLAT's Essar Steel order in Supreme Court

The order, government said, is not in line with the Insolvency and Bankruptcy Code

Govt likely to oppose NCLAT's Essar Steel order in Supreme Court
Updated On : 17 Jul 2019 | 11:30 PM IST

If not quashed, Essar Steel ruling can unravel India's insolvency reform

The ruling can make credit costs for India Inc. surge, shares of state-run banks swoon and foreign investors flee

If not quashed, Essar Steel ruling can unravel India's insolvency reform
Updated On : 17 Jul 2019 | 6:53 AM IST

Can NCLAT change CoC approved plans, Essar lenders ask Supreme Court

NCLAT's decision to equate operational, financial creditors could lead to a severe plunge in recovery rate, says CoC

Can NCLAT change CoC approved plans, Essar lenders ask Supreme Court
Updated On : 16 Jul 2019 | 9:36 PM IST

Banks warn of 'severe plunge' in recoveries after bankruptcy ruling

Banks are joining foreign funds including SC Lowy in predicting risks from the Essar Steel sale

Banks warn of 'severe plunge' in recoveries after bankruptcy ruling
Updated On : 16 Jul 2019 | 1:17 PM IST

Essar Steel: NCLAT approves ArcelorMittal's bid with modifications

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

Essar Steel: NCLAT approves ArcelorMittal's bid with modifications
Updated On : 05 Jul 2019 | 3:36 AM IST

Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period

The company earned Rs 4,000 cr from its operations between August 2017 and February 2019, according to an affidavit filed before the NCLAT

Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
Updated On : 19 May 2019 | 4:31 PM IST

Essar Steel CoC cannot discriminate between operational creditors: NCLAT

The CoC of Essar Steel has divided operational creditors of the company into two types - one with claims under Rs 1 crore and another above Rs 1 crore

Essar Steel CoC cannot discriminate between operational creditors: NCLAT
Updated On : 23 Apr 2019 | 10:11 PM IST

NCLAT may ask Arcelor to deposit Rs 42,000 cr bid amount for buying Essar

ArcelorMittal's resolution proposal provides financial creditors Rs 41,987 crore out of their total dues of Rs 49,395 crore

NCLAT may ask Arcelor to deposit Rs 42,000 cr bid amount for buying Essar
Updated On : 09 Apr 2019 | 3:46 PM IST

Essar Steel's debt resolution battle moves to the Supreme Court

The SBI action came just days before the NCLAT was to hear the outcome of the CoC meeting on April 9

Essar Steel's debt resolution battle moves to the Supreme Court
Updated On : 01 Apr 2019 | 5:40 PM IST

NCLAT to hear Essar promoters' plea against ArcelorMittal plan on Thursday

Three directors of Essar Steel had mentioned the issue on Monday before a two-judge bench headed by Chairman Justice S J Mukhopadhaya

NCLAT to hear Essar promoters' plea against ArcelorMittal plan on Thursday
Updated On : 14 Mar 2019 | 2:16 AM IST
Updated On : 09 Mar 2019 | 1:18 AM IST

Essar Steel's operational creditors appeal to ArcelorMittal for payment

A forum of operational creditors with over Rs 1 crore of dues, said it is unfair that ArcelorMittal is not paying a penny to such creditors

Essar Steel's operational creditors appeal to ArcelorMittal for payment
Updated On : 06 Mar 2019 | 8:53 PM IST

NCLT rejects Essar Steel's operational creditors plea against Arcelor's bid

Around eight OCs, including Orissa Stevedores, Signode India, and Timken India, among others, had filed a plea seeking quashing of Arcelor's resolution plan and consideration of ESAHL's proposal

NCLT rejects Essar Steel's operational creditors plea against Arcelor's bid
Updated On : 28 Feb 2019 | 10:39 PM IST

Ruias turn down Arcelor's buyout bid for port, power assets in Gujarat

The Ruias are locked in a bitter battle with the Mittals and are contesting their offer to buy Essar Steel in the bank­ruptcy and other courts

Ruias turn down Arcelor's buyout bid for port, power assets in Gujarat
Updated On : 21 Feb 2019 | 10:15 PM IST

Essar Steel case: NCLT concludes hearing on Arcelor's plan, reserves order

Written submissions from all sides including ArcelorMittal, Committee of Creditors and Resolution Professional have been invited by February 18

Essar Steel case: NCLT concludes hearing on Arcelor's plan, reserves order
Updated On : 14 Feb 2019 | 8:54 PM IST

Treat us like other members of Essar Steel CoC: Standard Chartered to NCLT

Standard Chartered Bank has been excluded from the committee of creditors and is not counted as a secured financial creditor

Treat us like other members of Essar Steel CoC: Standard Chartered to NCLT
Updated On : 05 Feb 2019 | 10:18 PM IST

Why the drag in Essar Steel insolvency case makes lenders jittery

SBI Chairman Rajnish Kumar explained the rationale for putting the Essar exposure on the block

Why the drag in Essar Steel insolvency case makes lenders jittery
Updated On : 28 Jan 2019 | 12:39 AM IST

Essar Steel lenders ignore Ruias' offer, approve bid by Arcelor and Nippon

Arcelor will jointly own and operate ESIL in partnership with Nippon Steel & Sumitomo Metal Corporation

Essar Steel lenders ignore Ruias' offer, approve bid by Arcelor and Nippon
Updated On : 27 Oct 2018 | 1:29 AM IST

Essar Steel: CoC dumps Ruias' Rs 543 bn offer, chooses Arcelor's Rs 420 bn

By giving an opportunity to shareholders of Essar Steel to make an offer under Section 12A, the CoC will reinforce the objective of value maximisation in the interest of all the stakeholders

Essar Steel: CoC dumps Ruias' Rs 543 bn offer, chooses Arcelor's Rs 420 bn
Updated On : 26 Oct 2018 | 5:27 PM IST