The National Company Law Appellate Tribunal (NCLAT) on Thursday accepted ArcelorMittal's bid for insolvent Essar Steel while rejecting objection raised by Prashant Ruia saying that the issue of the eligibility of the Laxmi Mittal-led company has already been decided by the Supreme...
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On 7th May, Prashant Ruia, director of Essar Steel, moved the bankruptcy court, yet again, in an attempt to derail Arcelor Mittal’s Rs42,000-crore bid for the family’s flagship company. Mr Ruia has attempted to link Arcelor Mittal’s promoter, Lakshmi Niwas Mittal (LNM), to his defaulter...
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The National Company Law Appellate Tribunal (NCLAT) on Tuesday said it may direct ArcelorMittal, in the next hearing on April 23, to deposit Rs 42,000 crore for acquisition of the insolvent Essar Steel in a separate account.   The two-member bench, headed by Justice S.J. Mukhopadhaya,...
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The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked creditors of Essar Steel Ltd to reconsider distribution of funds received from ArcelorMittal under the resolution plan. The Tribunal asked resolution professional of Essar Steel to call a fresh meeting of committee of...
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Essar Steel promoters and the Standard Chartered Bank on Monday moved the National Company Law Appellate Tribunal (NCLAT) challenging the ArcelorMittal's resolution plan for bankrupt Essar Steel, which was approved on Friday.   Three directors of the erstwhile Essar Steel board...
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