Steel baron Lakshmi Niwas Mittal led ArcelorMittal is set to enter India as the Supreme Court on Friday said that the ArcelorMittal’s acquisition of the ailing Essar Steel would take place as per the October 23, 2018, resolution plan of the acquirer. The court also lifted a stay on the acquisition process.
The apex court while approving the ArcelorMittal resolution plan of ₹42,000 crore for Essar Steel ruled that operational creditors can’t be treated at par with financial creditors, a judgement that sets a precedent for other bankruptcy cases.
Arcelor Mittal was advised by the team led by Senior Partner Ms. Ruby Singh Ahuja, Mr .Vishal Gehrana, Mr. Anupm Prakash and Mr. Utkarsh Maria from Karanjawala & Co. along with the team headed by Mr Sudhir Sharma, Mr Abhishek Swaroop, Mr Naman Bagga from L&L Partners.
Read Judgment here:
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