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  SAIL awaits ArcelorMittal response to take JV plans forward

  Business | November 24, 2019 13:17 IST

  In December 2017, Steel Authority of India Ltd (SAIL) board had approved a proposal to enter into a JV with global steel giant ArcelorMittal for manufacturing high-end automotive steel. The definitive agreement in this regard, the company had said, will be finalised in due course subject to financial viability.

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  ArcelorMittal aims to complete Essar Steel acquisition by 2019-end

  Business | November 19, 2019 11:51 IST

  Following the Supreme Court verdict on Essar Steel resolution plan, global steel giant ArcelorMittal said expects to complete the acquisition of the debt-ridden company by the end of this year.

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  SC paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore

  India | November 15, 2019 13:54 IST

  A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.  

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  SW gets NCLT nod to acquire Bhushan Power & Steel for Rs 19,700 crore

  Business | September 05, 2019 21:18 IST

  he National Company Law Tribunal (NCLT) approved its bid, which was recommended by a committee of lenders to Bhushan Power and Steel over rival bids by Tata Steel Ltd and Liberty House Group.

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  Supreme Court orders status quo in Essar insolvency case

  India | July 22, 2019 11:37 IST

  The bench was hearing a plea of the Committee of Creditors challenging NCLAT's order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000 crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.  

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  Decks cleared for Essar Steel's takeover by ArcelorMittal

  Business | July 04, 2019 15:44 IST

  The NCLAT Thursday cleared the takeover of Essar Steel by ArcelorMittal after it rejected all objections raised by the shareholders of the debt-ridden company. The National Company Law Appellate Tribunal (NCLAT), however, gave operational creditors equal footing into the proceeds of insolvency auction.

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  ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Co tells NCLAT

  World | May 20, 2019 17:42 IST

  Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.

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  NCLAT asks NCLT Ahmedabad to take decision on Essar Steel's insolvency case by January 31

  India | January 23, 2019 11:59 IST

  A two-member bench of NCLAT, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) does not pass any order by January 31, then it would call the matter and pass an order accordingly on the next date of hearing.  

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  NCLAT amends order on Essar Steel, adds Darius Khambata as senior counsel

  Business | September 17, 2018 15:57 IST

  World's largest steel manufacturer ArcelorMittal and Russia's VTB Capital-backed Numetal are in a race to acquire debt-ridden Essar Steel.

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  Lakshmi Mittal-led ArcelorMittal revises bid for Essar Steel to Rs 42,000 crore

  Business | September 11, 2018 14:42 IST

  Days after the National Company Law Appellate Tribunal (NCLAT) held the second round of bids for debt-laden Essar Steel valid, ArcelorMittal India put in a revised offer to the lenders of the company.

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  Lenders reject bids by Numetal, ArcelorMittal for Essar Steel

  Business | March 21, 2018 17:52 IST

  Lenders have also set an April 2 deadline for the second round of bidding Essar Steel that owes over Rs 45,000 crore to over 30 bankers.

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  ArcelorMittal signs joint venture pact with Nippon Steel to acquire Essar Steel

  Business | March 02, 2018 17:02 IST

  ArcelorMittal today said it has entered into a joint venture pact with Nippon Steel & Sumitomo Metal Corporation (NSSMC) to jointly acquire the assets of Essar Steel.

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  Can create value in Essar Steel: Lakshmi N Mittal

  Business | February 23, 2018 23:24 IST

  World's largest steel company ArcelorMittal's Chairman and Chief Executive Officer Lakshmi N Mittal on Friday said they can create value in the debt-laden Essar Steel and also confirmed no bids were rejected yet.

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  ArcelorMittal, Numetal bids for Essar Steel recommended for disqualification

  Business | February 21, 2018 13:31 IST

  Bids by ArcelorMittal and a consortium led by Russias VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.

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  No free run for promoters in insolvency cases, says SBI chief Rajnish Kumar

  Business | November 07, 2017 11:07 IST

  Wilful defaulters or people who have diverted funds, as proved in the forensic audit, will not be allowed to participate in bidding for stressed companies, the SBI chairman said.

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  Essar Steel verdict a win for RBI, but fight against bad loans far from over

  July 19, 2017 19:43 IST

  The Gujarat High Court may have settled the Essar Steel's objections to its inclusion for immediate bankruptcy proceedings, but its observations suggest that the RBI's battle against NPAs may not be free from legal challenge

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  NCLT grants Essar Steel time till July 22 to file objections to lenders’ pleas

  July 19, 2017 11:31 IST

  The Ahmedabad bench of the tribunal granted time to Essar Steel till July 22 to file objections to the petitions moved by SBI and Standard Chartered against the company after the Gujarat High Court dismissed its petition

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  Bad loans: Gujarat HC dismisses petition by Essar Steel seeking relief from insolvency proceedings

  July 17, 2017 17:19 IST

  The case was being viewed as a landmark in the process to tackle bad loans under the newly formed NCLT. The verdict today paves way for lenders to intiate bankruptcy proceedings against Essar Steel

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  Can banks drag Essar Steel to NCLT? Gujarat HC's verdict on Monday

  July 14, 2017 19:27 IST

  Essar Steel had moved the court against RBI's June 13 circular contending that the order was improper as the firm was in an advanced stage of loan restructuring

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  Gujarat HC stays insolvency proceedings against Essar Steel, next hearing on July 7

  July 06, 2017 10:36 IST

  The Gujarat High Court on Tuesday stayed the insolvency proceedings filed against the Essar Steel by its lenders at the National Company Law Tribunal (NCLT) Ahmedabad branch till the next hearing on July 7