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Finance minister Nirmala Sitharaman’s announcements are thus being met with relief, though some ambiguity remains(Hindustan Times)

In its approach to the IBC, the government got it right| Analysis

By Anurag Das
UPDATED ON MAY 20, 2020 08:58 PM IST
Instead of a blanket suspension, it went for a calibrated suspension. It will help India gain over other jurisdictions
It was a poor budget, but the government did well in rolling back key proposals(ANI)
It was a poor budget, but the government did well in rolling back key proposals(ANI)

What worked for the economy in 2019 | Opinion

By Shekhar Gupta
UPDATED ON JAN 01, 2020 08:46 AM IST
Despite the bleak indicators, there were 10 positive developments, giving hope for the future
Nifty, Sensex end higher as banks surge(REUTERS)
Nifty, Sensex end higher as banks surge(REUTERS)

Nifty, Sensex end higher as banks surge; telecom stocks jump on price hike plan

Reuters | By Reuters
UPDATED ON NOV 19, 2019 04:04 PM IST
The Supreme Court of India on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.
The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet.(Reuters photo/representative image)
The finance minister said on Friday the government was discussing the issue around telecom companies, but no final call had been taken yet.(Reuters photo/representative image)

Nifty, Sensex tick up; PSU banks lead gains

Reuters | By Reuters
UPDATED ON NOV 18, 2019 03:47 PM IST
The Supreme Court on Friday cleared the path for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, and the judgment comes as a big reprieve for banks which are struggling with bad loans worth $140 billion.
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(Reuters File)
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(Reuters File)

Supreme Court clears path for ArcelorMittal to acquire bankrupt Essar Steel

New Delhi | By Reuters
UPDATED ON NOV 15, 2019 01:15 PM IST
Banks had moved to the Supreme Court earlier this year after an appellate court judgment put the claims of Essar’s operational creditors on a par with those of its lenders.
Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.(Biplov Bhuyan/HT PHOTO)
Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.(Biplov Bhuyan/HT PHOTO)

SC puts on hold Essar Steel sale to ArcelorMittal

New Delhi | By Press Trust of India
PUBLISHED ON JUL 22, 2019 06:25 PM IST
The Supreme Court bench was hearing a plea by CoC of Essar Steel challenging NCLAT’s July 4 order which approved steel tycoon Lakshmi Mittal-led ArcelorMittal’s Rs 42,000 crore bid for acquiring the debt-laden firm.
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)

NCLT approves ArcelorMittal’s Rs 45,000 cr Essar Steel takeover plan

Reuters | By Reuters
UPDATED ON MAR 08, 2019 07:00 PM IST
ArcelorMittal, which has been engaged in a drawn-out attempt to acquire Essar Steel since 2017, had made a 420 billion rupee ($5.99 billion) bid for the bankrupt Indian steelmaker.
The Supreme Court said a provision of the bankruptcy law that prevents founders from regaining control of delinquent companies was legally valid.(Biplov Bhuyan/HT File Photo)
The Supreme Court said a provision of the bankruptcy law that prevents founders from regaining control of delinquent companies was legally valid.(Biplov Bhuyan/HT File Photo)

SC bars founders of loan-defaulting firms from buying back bankrupt companies

Bloomberg, New Delhi | By Upmanyu Trivedi
UPDATED ON JAN 25, 2019 12:23 PM IST
The Supreme Court upheld a law that bars founders of loan-defaulting companies from buying back stressed assets put up for sale.
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(REUTERS)
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(REUTERS)

ArcelorMittal wins bids to take over Essar Steel for Rs 42,000 crore

Press Trust of India | By Press Trust of India
UPDATED ON OCT 26, 2018 06:49 PM IST
ArcelorMittal intends to raise Essar Steel’s finished steel shipments to 8.5 million tonnes over the medium-term by completing the ongoing capital expenditure project and infusing expertise.
Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium.(Reuters File Photo)
Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium.(Reuters File Photo)

Ruias offer 54,389 crore to lenders to avert takeover by Arcelor

Hindustan Times | By Malvika Joshi, Tanya Thomas & Maulik Vyas
UPDATED ON OCT 25, 2018 11:06 PM IST
The Ruia family has made a last-ditch effort to avert losing its flagship company Essar Steel Ltd to Lakshmi Mittal’s ArcelorMittal SA.
A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)
A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)

NCLAT to hear ArcelorMittal, NuMetal pleas over Essar bid eligibility tomorrow

Press Trust of India, Mumbai | By Press Trust of India
UPDATED ON MAY 29, 2018 02:56 PM IST
Russia’s VTB Capital-based NuMetal and ArcelorMittal are vying for Essar Steel, which operates a 10-million-tonne-a-year steel plant with about 11,000 employees.
Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year.(Reuters File Photo)
Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year.(Reuters File Photo)

NCLAT to hear NuMetal, ArcelorMittal petition in Essar Steel case on May 17

Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON APR 27, 2018 12:37 PM IST
In the petition, NuMetal said the Ahmedabad-bench of NCLT had disqualified ArcelorMittal India Ltd from bidding to acquire Essar Steel, on grounds that it was a promoter company of firms that had defaulted on payment of bank loans.
A transaction audit was carried out as per existing IBC norms and barring a few technical issues, Educomp’s resolution and operational handover process was found to be satisfactory.(Screengrab of Educomp website)
A transaction audit was carried out as per existing IBC norms and barring a few technical issues, Educomp’s resolution and operational handover process was found to be satisfactory.(Screengrab of Educomp website)

Bankers clear proposal for sale of Educomp to Ebix

Asian News International, New Delhi | By Asian News International
UPDATED ON APR 25, 2018 09:16 PM IST
A new law on insolvency and resolution process has facilitated this transfer of ownership and operational management.
The steel reinforcing frames of precast concrete tunnel segments sit stacked at the Mumbai Metro Rail Corp. casting yard in Mumbai in August 2017.(Dhiraj Singh/Bloomberg)
The steel reinforcing frames of precast concrete tunnel segments sit stacked at the Mumbai Metro Rail Corp. casting yard in Mumbai in August 2017.(Dhiraj Singh/Bloomberg)

Battle for Essar Steel: ArcelorMittal to challenge VTB-Numetal’s bid

Bloomberg | By Swansy Afonso and George Smith Alexander
UPDATED ON APR 04, 2018 01:12 PM IST
ArcelorMittal will question the eligibility of the VTB-led Numetal Ltd. group to bid for Essar Steel on the basis that a company controlled by the family of the founder of the insolvent entity was part of the consortium during an initial round of bidding.
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)

Essar Steel sale: Vedanta, ArcelorMittal, Numetal-JSW submit fresh bids

Press Trust of India | By HT Correspondent
UPDATED ON APR 02, 2018 06:31 PM IST
In the second round of bidding, JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its offer.
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)

Essar Steel sale: JSW Steel may step in fresh round of bidding

Livemint, Mumbai | By Swaraj Singh Dhanjal
UPDATED ON MAR 22, 2018 05:59 PM IST
If JSW Steel enters the new round of bidding for Essar Steel, it will be the fourth distressed steel asset that the Sajjan Jindal-led company has set its eyes on since the debt resolution process under the insolvency and bankruptcy code began.
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