Mumbai: A day after the Rs 54,000-crore offer, made by the Essar Steel’s board and shareholders to repay the entire debt of the company, ArcelorMittal on Friday said the Committee of Creditors (CoC) has voted to approve its acquisition plan for the debt-laden steel company. It also said resolution professional,[Read More…]
Tag: Essar Steel
Essar offers Rs 54,389 cr to all creditors, seeks removal from IBC
Mumbai: In a bid to take back the control of their asset, Essar Steel on Thursday said its board and shareholders submitted a proposal to the Committee of Creditors (CoC) offering to repay Rs 54,389 crore and also sought withdrawal from insolvency proceedings. “The shareholders of Essar Steel have today[Read More…]
ArcelorMittal sweetens offer for Essar Steel as bids received were opened
Emphasising its commitment to clear its dues on Uttam Galva and KSSPetron, ArcelorMittal on Monday said it has submitted a substantially higher bid to the Committee of Creditors (CoC) of insolvent Essar Steel. Last Friday, National Company Law Appellate Tribunal (NCLAT) had ruled that ArcelorMittal must pay its dues by Tuesday to enable consideration of[Read More…]
Is Arcelor Mittal eligible to bid for Essar Steel?
The battle for Essar Steel has heated up with Arcelor Mittal and Numetal Mauritius submitting their bids for acquiring the distressed asset. The moot question, however, is on the eligibility of the bidders. Arcelor Mittal is ineligible as per Section 29A (c) of IBC since they are the promoter of[Read More…]