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Total 35 results found. Search for [ VTB Group ]

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BusinessToday.In
New Delhi, September 11, 2018
Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party. JSW Steel bought out this contentious stake ahead of the second bidding round


PTI
September 10, 2018
World's largest steel producer ArcelorMittal on Monday offered Rs 42,000 crore to acquire Essar Steel Ltd, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal.


BusinessToday.In
New Delhi, September 7, 2018
Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party.


PTI
New Delhi, July 5, 2018
At a hearing before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), senior lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal, said \"NuMetal and Rewant Ruia are alter ego of each other. They both are the same.\"


Nevin John
New Delhi, June 16, 2018
Under the Insolvency and Bankruptcy Code, the sale process has almost been completed in three cases -- Bhushan Steel, Electrosteel Steels and Monnet Ispat and Energy. There is less clarity in the other cases when the 270 day timeframe for resolution ends around now.


Nevin John
New Delhi, April 25, 2018
The new round of bid will see larger bids since it will be the last chance to win the battle. In addition, the bids may go up the size of over Rs 35,000 crore, when Essar's loans stands at around Rs 45,000 crore. 


PTI
April 24, 2018



Nevin John
April 20, 2018
It's tough to conclude the resolution process in at least half of the 12 big loan defaulters within the 270 days time frame allowed under the Insolvency and Bankruptcy Code (IBC).


Mail Today Bureau
April 3, 2018
In the first round, NuMetal and ArcelorMittal were the only two parties that had bid to take over Essar Steel but the insolvency resolution professional overseeing the auction was advised to reject both the bids owing to their promoters being linked to defaulter companies.


PTI
New Delhi, April 2, 2018
ArcelorMittal, which had been disqualified in the first round for being listed as a promoter of loan defaulter Uttam Galva Steel, bid along with Nippon Steel and Sumitomo Metal Corporation.


PTI
April 2, 2018



BusinessToday.In
New Delhi, April 2, 2018
Tightening the noose further, the document states that trusts and the beneficiaries of such trusts will be considered as related parties.


Nevin John
New Delhi, April 2, 2018
JSW Steel and Tata Steel are fighting to claim the top slot by building new capacities and scooping up sick assets.


PTI
March 30, 2018



PTI
March 26, 2018



BusinessToday.In
March 26, 2018
Days after the SBI-led consortium of banks rejected both the bids for Essar Steel on technical grounds, Lakshmi Mittal-led ArcelorMittal has challenged the committee of creditors' decision at the Ahmedabad bench of the NCLT, the company said in a statement on Monday.


Mail Today Bureau
March 22, 2018
Numetal and ArcelorMittal, the only two bidders for Essar Steel, were found to be ineligible under Section 29 A of the amended IBC which bars promoters of defaulting firms and also related parties from buying out stressed assets being put up for auction to recover bad loans of banks.


PTI
New Delhi, March 16, 2018
Numetal, an SPV floated by the PE arm of Russian lender VTB Bank andRewant Ruia, a Ruia family member, has claimed that its bid for EssarSteel has \"solid legal backing\" and if need be, \"the other shareholderswill buy out Rewant's\" 25 per cent stake in the company


Nevin John
New Delhi, March 8, 2018
The creditors have chosen Tata Steel and UK-based Liberty House for running the bankrupt companies Bhushan Steel and Amtek Auto, respectively.


Nevin John
New Delhi, March 6, 2018
War of words is running thick between the two bidders ( ArcelorMittal and Russian bank VTB Capital) of the bankrupt Essar Steel.


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