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Clues by NC Team • 18 Mar 2019, Monday

The National Company Law Appellate Tribunal (NCLAT) today allowed implementation of ArcelorMittal's Rs 42,000 crore resolution plan for Essar Steel subject to final order. However, Essar promoters are likely to challenge the order in the Supreme Court. NCLAT on Friday had refused to stay NCLT, Ahmedabad bench order approving the world’s largest steel producer’s takeover bid for Essar Steel. According to ArcelorMittal's resolution proposal, financial creditors will get Rs 41,987 crore out of their total dues of Rs 49,395 crore. Operational creditors, under the plan, would get just Rs 214 crore against the outstanding of Rs 4,976 crore. 

Read More at The Economic Times
Clues by NC Team • 15 Mar 2019, Friday

An appellate tribunal told Essar Steel Asia Holdings (ESAH) that its Rs 54,389-crore resolution plan for Essar Steel would only be considered if the entity cleared the Essar Group’s entire bad debt. Think of Rs 80,000 crore more, we will make some room for you, whatever the amount is,” said a two-member bench of the NCLAT on Thursday. ESAH had proposed to pay Rs 54,389 crore to settle all dues to financial and operational creditors of Essar Steel. 

Read More at The Economic Times
Clues by NC Team • 11 Mar 2019, Monday

Three former directors of bankrupt Essar Steel Ltd approached NCLAT on Monday to appeal against the order of NCLT, Ahmedabad bench that approved the resolution plan of ArcelorMittal to takeover Essar Steel. NCLT Ahmedabad had suggested that the payment of Rs 42,000 crore by ArcelorMittal be distributed among financial and operational creditors in the ratio of 85:15. 

Read More at Livemint
Clues by NC Team • 8 Mar 2019, Friday

The NCLT, Ahmedabad bench on Friday approved ArcelorMittal SA's Rs 42,000 crore resolution plan to acquire the debt-ridden Essar Steel Ltd. However, NCLT asked the Committee of Creditors (CoC) to reconsider the distribution of dues and suggested the lenders to give 15% of the total offer amount to operational creditors. Essar Steel owns a 10-million-tonne steel mill in Gujarat. The tribunal had earlier rejected the Rs 54,389 crore offer by Essar promoters through their group company, Essar Steel Asia Holding.

Read More at The Economic Times
Clues by NC Team • 8 Mar 2019, Friday

The NCLT, Ahmedabad bench will today deliver its decision on Rs 42,000 crore resolution plan submitted by ArcelorMittal for acquiring Essar Steel case. The case is listed to be heard in the second half of the day. The NCLT, however, may ask ArcelorMittal to increase its offer to include payments to operational creditors too.

Read More at Moneycontrol
Clues by NC Team • 28 Feb 2019, Thursday

The NCLT, Ahmedabad bench rejected a plea by operational creditors of Essar Steel seeking a reconsideration of the Rs 54,000 crore plan by Essar promoter entity, Essar Steel Asia Holding (ESAHL). The plea also sought to quash the Rs 42,000 crore plan by ArcelorMittal which was approved by the SBI led Committee of Creditors (CoC) in October 2018. The plan is pending for approval by the NCLT. Soon after, Essar Steel’s promoter Ruias had offered Rs 54,000 crore to settle its outstanding debt.

Read More at Business Standard
Clues by NC Team • 28 Feb 2019, Thursday

The National Company Law Appellate Tribunal (NCLAT) on Thursday directed the NCLT Ahmedabad bench to take a decision on the Rs 42,000-crore resolution plan submitted by ArcelorMittal for debt-ridden Essar Steel by March 8. "Adjudicating authority (NCLT) has to pass final order by March 8, failing which this appellate tribunal may call all records including resolution plan approved by committee of creditors (CoC)," said NCLAT. The appellate tribunal has directed to list the matter on March 13 for next hearing.

Read More at CNBC TV18
Clues by NC Team • 27 Feb 2019, Wednesday

The NCLT, Ahmedabad Bench, partly allowed the plea by Reliance Industries (RIL) in the ongoing insolvency case of Essar Steel. While the bench allowed RIL to get its Rs 16.41 crore claim registered by the resolution professional as an operational creditor, it, however, rejected its application for a personal hearing. As per the Supreme Court order, only one operational creditor could be heard in this case and hence RIL plea was rejected since its claim is less than 10%, said NCLT. NCLT also held that RIL is not eligible to oppose the Rs 42,000 crore resolution plan submitted by ArcelorMittal.

Read More at The Financial Express
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