Global steel major ArcelorMittal Monday told the National Company Law Appellate Tribunal (NCLAT) that it would pay Rs 42,000 crore, including a minimum of guarantee of Rs 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.

Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 4,229 crore during its Corporate Insolvency Resolution period (over 600 days)

After Kamark's exit, only Ashok Chawla and Sharad Sharma remain on Jet Airways board, which ceased operations around mid-April

Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member bench of the NCLAT asked the lenders to conduct a fresh voting from May 31

The Committee of Creditors (CoC) submission before a National Company Law Appellatre Tribunal (NCLAT) implied that only Rs 39,500 crore would be available for distribution among the financial creditors and operational creditors

Majority of homebuyers are likely to vote in favour of the NBCC's bid but many also fear that lenders may reject it as they do not want to take up to 60 per cent hair-cut against their claim of Rs 9,782 crore

It has alleged ArcelorMittal chairman and chief executive officer LN Mittal has suppressed vital facts that would otherwise render him ineligible to offer a buyout plan for the distressed steel mill under Section 29A of the Insolvency and Bankruptcy Code

Amazon rolls out machines that box customers orders and replace thousands of jobsIn a latest example of machines replacing humans, Amazon.com Inc is rolling out machines to automate a job held by thousands of its workers: boxing up customer orders. The company started adding technology to a handful of warehouses in recent years, which scans goods coming down a conveyor belt and envelopes them seconds later in boxes custom-built for each item. Amazon has considered installing two machines at d...