Tribunal clears global magnate’s 42,000 cr. deal.
After a protracted legal battle, the National Company Law Tribunal (NCLT), Ahmedabad, on Friday approved a 42,000 crore resolution plan of global steel magnate ArcelorMittal to take over the debtridden Essar Steel in Gujarat.
The approval for the mega deal came almost 583 days after the NCLT began the insolvency proceedings, instead of the mandated 270 days.
Bankruptcy proceedings
Essar Steel runs a 10million tonne steel mill at Hazira in Gujarat and owes over 49,000 crore to over two dozen banks, led by the staterun SBI, and has been under bankruptcy proceed ings since June 2017.
Approval of the deal tran slates into a haircut of about 14% for the lenders.
Denne historien er fra March 09, 2019-utgaven av The Hindu.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra March 09, 2019-utgaven av The Hindu.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
‘Olympics Cancellation Likely If Vaccine Not Found In Time'
Further delays impossible, says Tokyo Games organising panel chief Mori
It's Wholesale Only At Koyambedu Market
Retail outlets to remain shut to bring down crowding.
Ministry Does U-Turn On Plasma Therapy
Treatment not proven: Health official
Trump's Bleach Statements Echo Claims By Pseudo-Scientists
‘Miracle cure’ quacks have long promoted industrial bleach to treat autism, malaria and many other medical conditions
U.S. May Seek Damages From China
President says many options on the table to hold Beijing accountable, draws an angry response
Koyambedu Market May Be Shifted Out
Decision likely at today's meeting of stakeholders; aim is to enforce physical distancing
Massive Spike Of 522 Cases In Maharashtra
On Monday, cumulative tally surged to 8,590 positive cases with 27 more deaths
The Script Of Disruption And A New Order
Across the globe, the geopolitical and geo-economic fallout of the COVID-19 pandemic could be serious
A Policy Road Map To Tackle Covid-19
The interest of each and the interests of all now coincide, not only within nations but for all humanity
ICMR Says No Payment Made For Chinese Test Kits Supplies
Alleged profiteering by distributors supplying the kits
