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Standard Chartered moves NCLT against CoC selecting ArcelorMittal for Essar Steel - Report-The 20th China (Guangzhou)Int’l Fastener & Equipment Exhibition
11/26/2018 紧固件展-紧固件采购会-国际紧固件展-fastener expo |
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Financial Express reported that Standard Chartered (StanChart) filed a petition with the National Company Law Tribunal (NCLT) late last week, seeking to ‘quash and set aside’ the committee of creditors (CoC) decision in favour of ArcelorMittal’s revised resolution proposal to acquire Essar Steel. According to StanChart’s petition, it has also sought the rejection of ArcelorMittal’s proposal by the tribunal.
In October, StanChart had filed a caveat to ensure that no decision is passed on ArcelorMittal’s resolution plan submitted by the CoC for the NCLT’s approval until StanChart is heard by the tribunal.
StanChart petition seeks distribution of INR 42,000-crore among secured financial creditors on a pro-rata basis based on amount of admitted claims or principal amount along with directions that StanChart ‘receives its pro rata share of INR 2,983.98 crore or at least INR 2,646.05 crore (plus the applicant’s share of the closing adjustment)’. Classified as a secured financial creditor by resolution professional Satish Kumar Gupta, INR 2,646.05 crore represents StanChart’s secured principal outstanding exposure to Essar Steel. According to its calculations, StanChart’s share as per the CoC-approved distribution would come to INR 60.71 crore against admitted secured claims of INR 3,487.10, coming to a recovery of 1.7 per cent against INR 2,983.98 it would receive if the share was divided on a pro rata basis among secured lenders with a recovery of 85.6 per cent.
As is known, over 90 per cent of the CoC had finally voted in favour of the revised bid by ArcelorMittal, which has promised INR 39,500 crore cash upfront. The electronic vote was conducted over October 24 and October 25. Various senior bankers had indicated to FE that StanChart had voted against the Arcelor’s resolution plan.
紧固件展-2019第二十届广州国际紧固件及设备展览会-巨浪展览
-The 20th China (Guangzhou)Int’l
Fastener & Equipment Exhibition
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