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The appellate tribunal also said it will also look into the issue of discriminatory distribution of the funds between financial and operational creditors.

NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 cr plan for Essar Steel

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

18 Mar 2019 3:57 PM

Mittal's global giant ArcelorMittal is finally nearing the end of a year-long battle to break into India with the $5.9 billion acquisition of Essar Steel India.

Costly homecoming for Lakshmi Mittal

The legal wrangling landed in the Supreme Court last year, setting precedents for India's two-year-old bankruptcy law.

12 Mar 2019 1:04 AM

Ex Essar Steel directors approach NCLT against ArcelorMittal takeover

On Friday, Ahmedabad bench of NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over debt-ridden Essar Steel.

11 Mar 2019 5:35 PM

It has also directed the registry of NCLT to communicate this order to the Ahmedabad-based bench and its members. (Photo: File)

NCLAT directs NCLT Ahmedabad to decide on ArcelorMittal's Essar Steel bid by Mar 8

A two-member NCLAT bench said that if the NCLT fails to pass an order by this deadline, it would call records and pass an order.

28 Feb 2019 11:49 AM

ArcelorMittal says facing risks like excess capex on proposed Essar

The world's largest steelmaker ArcelorMittal's takeover proposal of the Essar Steel India Ltd (ESIL).

26 Feb 2019 2:12 PM

Phase of stress in steel sector is over: Minister

Essar Steel may finally go the ArcelorMittal way while stress in the steel sector is now way behind.

19 Feb 2019 1:42 AM

Earlier on February 4, the NCLAT has asked NCLT Ahmedabad to decide by February 11, failing to which it would call records and pass order.

NCLAT extends deadline to decide on Essar Steel insolvency case

NCLT Ahmedabad to decide over the Rs 42,000 cr resolution plan submitted by ArcelorMittal for Essar Steel.

12 Feb 2019 12:25 PM

Company had revenues of USD 76.0 billion and crude steel production of 92.5 million tonnes.

ArcelorMittal Q4 net income up 16 pc to USD 1.19 billion

Company reported a net income attributable to equity holders of the parent of USD 1.19 billion in the fourth quarter.

07 Feb 2019 1:07 PM

On Tuesday, NCLT had rejected the debt settlement proposal put forth by the shareholders of Essar Steel.

NCLAT declines plea of Essar Steel operational creditor

NCLAT declined the plea of an operational creditor of debt-ridden Essar Steel seeking recovery worth Rs 800 crore.

30 Jan 2019 12:24 PM

The appellate tribunal has directed to list the matter on February 4 for next hearing.

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

NCLT to pass an order on insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.

23 Jan 2019 11:56 AM

The shareholders of Essar Steel countered this plan by submitting their own proposal to the CoC.

‘New offer by Essar Steel promoters not maintainable’

Banks and other creditors have total debt exposure of close to Rs 49,000 crore in the company.

29 Nov 2018 11:02 AM

NCLT does not act as a post office to merely put a seal of approval on the resolution plan cleared by Committee of Creditors.

GAIL move NCLT seeking rejection of ArcelorMittal bid for Essar Steel

Operational creditors, under the plan, are to get just Rs 214 crore against the outstanding of Rs 4,976 crore.

19 Nov 2018 1:50 PM

The company had posted net income of USD 1.2 billion in the year-ago period, the firm said.

ArcelorMittal Q3 net income declines 25 pc to USD 0.9 billion

The company's gross debt was at USS 13.0 billion as of September 30, 2018.

01 Nov 2018 2:56 PM

The development comes a day after promoters of Essar Steel offered to pay lenders Rs 54,389 crore.

ArcelorMittal wins bids to buyout Essar Steel

ArcelorMittal has been chosen by lenders to takeover debt-laden Essar Steel for about Rs 42,000 crore.

26 Oct 2018 1:30 PM

Essar Steel shareholders have submitted a proposal to the committee of creditors (CoC) for full settlement of the entire admitted claims.

Ruias offer Rs 54,389 crore to retain Essar; ArcelorMittal opposes

The fresh offer for settlement by Essar Steel has been made under Section 12A of the IBC.

26 Oct 2018 10:15 AM

The group has a strong position in the UK as a steel and aluminium supplier.

ArcelorMittal signs pact to sell 4 European steel plants to Liberty House

The acquisition more than doubles Liberty's global metal manufacturing capacity.

12 Oct 2018 3:41 PM

The apex court exercised its extraordinary power under Article 142 of the Constitution in allowing ArcelorMittal and NuMetal to make fresh bid for Essar Steel.

SC grants one more opportunity to ArcelorMittal, NuMetal to bid for Essar Steel

Top court asked Committee of Creditors to take a decision within 8 weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.

04 Oct 2018 11:38 AM

Earlier this month, ArcelorMittal had offered Rs 42,000 crore to acquire Essar Steel.

CCI approves ArcelorMittal's acquisition of Essar Steel

The acquisition of Essar Steel is proposed to be undertaken through multiple steps.

20 Sep 2018 6:47 PM

The NCLAT had last week directed the lenders of the Essar Steel to expeditiously take a decision on the bids.

ArcelorMittal assails NCLAT order in SC, reluctant to pay Rs 7,000 cr

NCLAT had asked ArcelorMittal to clear the stigma of defaulter by clearing the dues of its then subsidiaries.

13 Sep 2018 9:23 AM

The Supreme Court on Tuesday agreed to hear tomorrow a plea of ArcelorMittal seeking extension of time for payment of Rs 7,000 crore as ordered by NCLAT last week for its bid to become eligible for Essar Steel.

SC to hear tomorrow plea of ArcelorMittal against NCLAT order on Essar auction

Anil Aggrawal's Vedanta is a third qualified bidder for Essar Steel.

11 Sep 2018 11:45 AM

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Farrukh Dhondy