Ruia Family News

Companies

GAIL moves NCLT against ArcelorMittal Essar Steel bid

GAIL India petitions in NCLT Ahmedabad saying it would prefer a competing bid of Essar Steel Asia Holdings, representing the Ruia family, the former promoters of Essar Steel

2 min read20 Nov 2018
Companies

Essar Steel lenders settle for Arcelor

The Committee of Creditors issue ArcelorMittal and its partner Japan’s Nippon Steel & Sumitomo Metal Corp Letter of Intent declaring them as the “successful applicant”

1 min read26 Oct 2018
Companies

ArcelorMittal wins, but Ruias’ repayment offer will test IBC

Ruias offer ₹54,389 crore to lenders to retain Essar Steel

4 min read26 Oct 2018
Companies

NCLAT puts Essar Steel insolvency process on hold

The NCLAT also admitted cross appeals moved by ArcelorMittal and Numetal in the Essar Steel bidding process and listed them to be heard daily from 23 July

1 min read22 May 2018
Companies

Essar Steel bidding: Numetal moves NCLAT against ineligibility order

NCLT Ahmedabad had disqualified Numetal's bid for Essar Steel on the grounds that Rewant Ruia, son of Ravi Ruia, is a beneficiary of a trust that backed Aurora Enterprises, which in turn held about 25% stake in Numetal

1 min read11 May 2018
Companies

Numetal, Arcelor seek to cancel each other’s Essar Steel bid

Numetal Mauritius and ArcelorMittal have challenged each other's legitimacy in participating in the 2nd round of Essar Steel bidding under the Insolvency and Bankruptcy Code

4 min read5 Apr 2018
Companies

ArcelorMittal, Nippon open to working with Ruias for Essar Steel resolution

ArcelorMittal and Nippon are keen on Essar Ports and Essar Power, which are outside the insolvency net, as they are key to supplying raw material to Essar Steel

2 min read4 Apr 2018
Companies

ArcelorMittal heads to court over legitimacy of Essar Steel bid by Numetal

ArcelorMittal has reasons to question the eligibility of the VTB-led Numetal group as under India's bankruptcy laws, owners of insolvent firms aren't eligible to bid for assets

2 min read4 Apr 2018
Industry

Numetal moves NCLT to stay eligible for Essar Steel

Numetal has filed an application with NCLT Ahmedabad seeking a declaration that Numetal is eligible to submit a resolution plan for Essar Steel

2 min read21 Mar 2018
Companies

Mohandas Pai, Ranjan Pai acquire minority stake in realty start-up Maia Estates

Led by Mayank Ruia, part of the Ruia family that promotes The Phoenix Mills Ltd, Maia Estates will launch its first high-end residential project by March-end

2 min read13 Mar 2018
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