Shamik Paul

Bidding battle: ArcelorMittal ups the ante in the race for Essar Steel

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

Industry News

Speeding up the process: NCLT may move cases to other benches

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

Industry News

Thrown out! NPA resolution plan for bankrupt Jyoti Structures rejected by NCLT

Analysts say bid binned as it was said to entail a payment of `3,000 crore over 15 years, a 60% haircut.

nclt, industries News

NCLT decision: Monnet Ispat goes to JSW Steel-Aion

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.

NCLT decision, NCLT, Monnet Ispat, JSW Steel Aion News

Lenders file insolvency plea against 13 Videocon units

Lenders to the bankrupt Videocon Industries have filed an insolvency petition against 13 subsidiaries of the Venugopal Dhoot-led company.

Industry News

Insolvency process: Videocon lenders’ claims at Rs 59,000 crore

NCLT accepts Rs 57,000 crore; case admitted in early June, that of telco arm two days later.

Industry News

IBC’s Section 29A: Experts say Mumbai, NCLT’s order threatens code’s intent

Code explicitly bars promoters from bids, even where process initiated, say officials.

IBC’s Section 29A: Experts say Mumbai, NCLT’s order threatens code’s intent

Battle for Ruchi Soya: Adani tops with Rs 6,000-crore bid

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.

richi soya, adani wilmart, patanjali News

Loans to get costlier, say bankers

The country's largest lender, State Bank of India (SBI), raised its MCLRs by a uniform 10 bps across tenors last week.

loans, MCLR, RBI, repo rate increased, bankers News

Anrak Aluminium recovers Rs 400 cr so far in OTS deal

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

Anrak Aluminium, State Bank of India, Canara Bank, NCLT, Reserve Bank of India, RAKIA News

Arcelor bid for Essar Steel: Banks move NCLT for clarity

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

Arcelor, Essar Steel, NCLT, Uttam Galva, KSS Petron, State Bank of India News

Binani Cement’s lenders opt for UltraTech’s bid

Will mean all financial, operational creditors will get complete dues

Binani Cement, UltraTech, Electrosteel Steels, NCLT, Dalmia Bharat, supreme court,  Insolvency and Bankruptcy Code News

Binani RP postpones creditors’ meet

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

ultratech, binani News

Essar Steel bid: Arcelor transfers Rs 7,000 crore to escrow account

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

Essar Steel bid, ArcelorMittal,  LN Mittal, Committee of Creditors,Numetal, MTPA, Make in India, news on essar steel News

Jharkhand govt department challenges Orissa Manganese resolution process

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.

jharkhand govt,  Orissa Manganese & Minerals, resolution process, CoC News

Lakshmi Mittal keen on Indian assets, says IBC intent not to thwart reputed overseas companies

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

Lakshmi MittalLakshmi Mittal, ln mittal, ArcelorMittal, Insolvency and Bankruptcy Code. essar steel News

CoC of Essar Steel to give bidders chance to ‘cure’ bids

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

The committee of creditors (CoC) of Essar Steel will ask ArcelorMittal and Numetal to “cure” their bids as per the NCLT's order News

Essar Steel bid: ArcelorMittal moves NCLAT

On Friday, ArcelorMittal challenged the disqualification, saying it had exited from Uttam Galva, a defaulter company, before submitting a bid for Essar Steel on February 12.

The two-member NCLAT bench, led by justice SJ Mukhopadhaya, said it would hear both the appeals on May 17. News

RP has to ensure eligibility of ArcelorMittal, Numetal bids

Lenders likely to meet on April 24 to chart future course of action

NCLT, ArcelorMittal, Essar Steel, Uttam Galva Steels, Numetal,  Insolvency and Bankruptcy Code News

2nd round: ABG Shipyard: Notice calls for fresh bids under IBC

While it is not clear how ABG was allowed to pile up loans of a staggering Rs 19,000 crore, the fact is lenders today are saddled with the highest stake in the firm of 49%.

ABG shipyard, IBC, CoC News

Race for Binani Cement: Binani withdraws termination plea

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

Binani Cement, Binani, Supreme Court, Insolvency and Bankruptcy Code, Binani Industries  News

Alok Industries: RIL-JM Financial sole bidder, banks to take huge haircut

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

Alok Industries, Reliance Industries, RIL-JM Financial sole bidder, banks News

Race for Binani Cement: Majority lenders may opt for out-of-tribunal plan

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

binani cement, ultra rtech cement News

Axis Bank may hire Egon Zehnder to find new CEO after Shikha Sharma

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.

Egon Zehnder, axis bank, Shikha Sharma News

Rs 750 cr as security: Binani’s final play for cement arm

Binani Industries submitted its revised out-of-court settlement plan along with a security deposit of Rs 750 crore in support of its proposal to the committee of creditors (CoC) of Binani Cement.

binani cements, binani industries, committee of creditors, NCLT, cement News

Out-of-court settlement: Binani Industries looks to clinch the deal before April 9

Binani Industries, which has been pushing for an out-of-court settlement for Binani Cement, is expected to submit a revised resolution plan to Binani Cement’s committee of creditors (CoC).

Binani Industries, binani cement, Out of court settlement, committee of creditors News

JSW Steel, Vedanta join the fray for Essar Steel

ArcelorMittal, a VTB Bank-led Numetal-JSW Steel and Vedanta have thrown their hats in the ring for the bankrupt Essar Steel, as the deadline for the second round of bids expired on Monday evening.

steel sector, steel industry, JSW Steel, Vedanta, Essar Steel News
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