Steel major ArcelorMittal will up its bid for Essar Steel to Rs 42,000 crore and will also settle its dues of Rs 7,000 crore to Uttam Galva and KSS Petron, to stay ahead of rival bidder Numetal, sources close to the developme
The IBBI is considering allowing cases admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings to be shifted from one bench to another to speed up the resolution process, sources close to the developme
The sole resolution plan for the bankrupt Monnet Ispat and Energy from the JSW Steel-Aion Investments combine was finally accepted by the Mumbai bench of the National Company Law Tribunal (NCLT) with certain modifications.
Adani Wilmar, a joint venture between the Adani Group and Singapore’s Wilmar International, has beaten rival bidder Patanjali to place a higher bid of close to rs 6,000 crore for the bankrupt Ruchi Soya, bankers said.
Lenders to Anrak Aluminium, one of the 28 companies in the Reserve Bank of India’s second list of corporate defaulters, have so far recovered Rs 400 crore out of the total one-time settlement plan of Rs 1,275 crore, sources
Lenders to the bankrupt Essar Steel have filed a petition with the Ahmedabad bench of the National Company Law Tribunal (NCLT) seeking clarity on whether ArcelorMittal’s offer to repay the dues of Uttam Galva and KSS Petron
The resolution professional (RP) of insolvent Binani Cement has postponed the creditors’ meet, which was scheduled for Thursday, citing that the resolution plan submitted by UltraTech Cement in the “format acceptable” t
ArcelorMittal, one of the two key contenders for the bankrupt Essar Steel, is understood to have transferred about Rs 7,000 crore into a State Bank of India escrow account towards payment of dues of Uttam Galva and KSS Petron
OMML’s businesses include exploration, development, mining and processing of mineral assets. It has six manganese ore mines in Odisha and one iron ore mine in Jharkhand, according to data on its website.
LN Mittal, chairman and CEO of the world’s largest steelmaking company, ArcelorMittal, has maintained that his firm was never the promoter of Uttam Galva Steel and is therefore an eligible bidder for Essar Steel under the I
In its April 19 order, the Ahmedabad bench of the NCLT had asked Essar Steel’s CoC and resolution professional (RP) to reconsider the first set of bids received from Numetal and ArcelorMittal, granting an additional 30 days
In early April, the NCLAT had instructed the NCLT to follow the IBC guidelines while resolving the Binani Cement case. On March 16, the CoC had approved the resolution plan submitted by Dalmia Bharat-controlled Rajputana Prop
The loss-making integrated textile company was was referred to the Ahmedabad bench of the National Company Law Tribunal (NCLT) on July 18, 2017. The NCLT has admitted claims worth Rs 29,615 crore from Alok Industries’ finan
Some lenders to Binani Cement have raised objections to the out-of-court settlement proposal of Binani Industries, sources close to Dalmia Bharat, a bidder for the beleaguered cement maker, said on Wednesday. “Some banks ha
Axis Bank is likely to appoint global executive search firm Egon Zehnder to find a successor to its managing director and chief executive officer Shikha Sharma, who will step down at the end of the year.