Man of steel
Editor’s letter from the May 2019 issue
arcelormittal
April 2019
January 2019
November 2018
October 2018
September 2018
June 2018
Essar Group repays over 80% of its debt
The group has repaid more than ₹1,37,000 crore of loans to global and Indian lenders. Its only continuing lender is now Russia’s VTB Group.
IBC’s identity crisis
It has been more than two years since India’s newest law for dealing with bankrupt companies was ratified. Yet, it remains unclear what is its purpose.
Ruias throw the kitchen sink to regain Essar Steel
With the corporate insolvency resolution process for the steelmaker entering its final leg, the company’s promoters offer to clear all dues to retain control.
ArcelorMittal is preferred bidder for Essar Steel
Battle to own the bankrupt Essar Steel enters its final leg after a year as the Committee of Creditors picks the world’s largest steelmaker as preferred bidder.
ArcelorMittal to pay $1 bn for a shot at bidding for Essar Steel
To comply with SC order, the world’s largest steelmaker will clear ₹ 7,469 crore of overdue debts of companies associated with its promoters in order to become eligible to bid for Essar Steel.
SC virtually shuts the door on Ruia attempt to get back Essar Steel
The apex court finds Rewant Ruia’s ‘looming presence’ in Numetal and asks the company to clear ₹45,000 crore of debt-owed by Essar Steel’s promoters to be eligible to bid for the steel maker.
Will ArcelorMittal’s latest gamble on Essar Steel pay off?
The world’s largest steelmaker has increased its bid for Essar Steel. Crucially, it has also committed to clear the dues of Uttam Galva and KSS Petron. But is a commitment good enough?
Numetal gets ahead in race for Essar Steel
NCLAT says Numetal’s revised bid without Rewant Ruia as a partner is valid; gives time till Tuesday to ArcelorMittal to clear dues of companies where its promoter and the steelmaker held a stake.
IBC: A code in need of an urgent upgrade
Unless issues around implementation are fixed, The Insolvency Code will remain an insolvent code.
