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Signage for Essar Steel Ltd. is displayed as workers load items onto a truck at the company's Pune Facility in Maharashtra

Supreme Court stops ArcelorMittal’s payments to Essar

New Delhi: India’s top court stopped ArcelorMittal from making a payment to lenders to buy Essar Steel India Ltd., extending billionaire Lakshmi Mittal’s wait to enter the South Asian country’s steel market. The Supreme Court’s two-judge bench headed by Justice Rohinton F. Nariman said status quo is to be maintained regarding Arcelor’s plan to buy Essar Steel. The court directed the bankruptcy appellate tribunal to expeditiously decide on appeals in the case. The order may delay Arcelor’s plans to purchase the steel mill, which can produce 10 million metric tons of the metal annually and make Arcelor the fourth-biggest player in a nation where the administration plans to invest trillions of rupees in infrastructure. The bankruptcy court had approved Arcelor and its partners Nippon Steel Corp.’s offer to pay $6 billion upfront to lenders and invest about another $1.1 billion in the company to turn it around. A bankruptcy court overseeing the...
Signage for Essar Steel Ltd. is displayed as workers load items onto a truck at the company's Pune Facility in Maharashtra

Essar case shows Bankruptcy Code is another Indian law ruined by endless litigations

The right measure to evaluate the IBC is not the yardstick of what happened under SICA or DRT laws, but what is happening now – a 270-day deadline for resolving cases.
Lakshmi Mittal

Homecoming costs Lakshmi Mittal’s ArcelorMittal $7 billion after a year of legal drama

Challenges from rival bidders & creditors have seen Mittal's firm make dozens of trips to court since an initial bid in Feb 2018 to acquire Essar Steel.
Signage for Essar Steel Ltd. is displayed as workers load items onto a truck at the company's Pune Facility in Maharashtra

India’s bankruptcy law will exist—with dentures in place of teeth

India’s two-year-old bankruptcy regime has been brought to the brink of irrelevance by the strain of resolving its most high-profile case -- Essar Steel India Ltd. Errant debtors are forever looking for ways to undermine creditor protection; but when lenders themselves start making a mockery of a fledgling insolvency law, nobody can save it. That’s where India’s two-year-old bankruptcy regime is today, brought to the brink of irrelevance by the strain of resolving its most high-profile case: Essar Steel India Ltd. The billionaire Ruia brothers have used every trick in the book to ensure their prized asset stays in the family, despite owing financial creditors Rs.508 billion ($6.3 billion) in unpaid dues. Just as the process was crawling to a conclusion, with the lenders accepting ArcelorMittal’s Rs.420 billion bid for the 10 million tons-a-year steel plant, an unexpected wrinkle has emerged. State Bank of India, the largest creditor, has put its...
ArcelorMittal

Lakshmi Mittal on the verge of getting control of Essar Steel and entering India

ArcelorMittal will now begin final negotiations with creditors of Essar Steel under India’s bankruptcy laws.
An Essar Steel factory in Surat, Gujarat

SC allows ArcelorMittal & NuMetal to bid for Essar provided they clear their dues in 2 weeks

The top court held both firms ineligible under amended Insolvency and Bankruptcy Code but granted them a fresh opportunity.

On Camera

Priyanka Vadra, Congress President Rahul Gandhi, UPA chairperson Sonia Gandhi and Robert Vadra

Not Gandhi dynasty, but a Narasimha Rao-like figure can save the Congress now

The Congress needs someone who can re-build its image and appeal as a credible opposition without totally sidelining the Gandhi family.
imran khan

With Lok Sabha elections over, how can India and Pakistan now repair fractured ties?

Pakistan Prime Minister Imran Khan is considering appointing a national security adviser to revive backchannel diplomatic talks with India.

Defence

RFID

RAW & IB chiefs, cabinet & defence secretaries — the key appointments awaiting new govt

The new govt will also appoint the IAF chief after incumbent Air Chief Marshal B.S. Dhanoa retires in September. 
Illustration: Soham Sen | ThePrint

If Pragya Thakur wins this Thursday, Modi is in for an embarrassing 5 years

Never has one constituency had such a bearing on Indian nationalism and the pretence of a Gandhian polity. So what if PM Modi doesn’t forgive her in his heart?