CURRENT AFFAIRS

2019

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which Indian multinational steel manufacturing corporation received NCLT nod for taking over Essar Steel at Rs 42, 000 Crore?
A
Steel Authority of India Limited (SAIL)
B
Tata Steel
C
JSW Steel
D
ArcelorMittal
Explanation: 

Detailed explanation-1: -The Supreme Court paved the way for ArcelorMittal’s takeover of Essar Steel for Rs 42,000 crore and set aside the July 4 National Company Law Appellate Tribunal (NCLAT) order giving equal status to financial creditors and operational creditors.

Detailed explanation-2: -The Competition Commission of India (CCI) approved the acquisition of the assets of Essar Group by ArcelorMittal Nippon Steel India Limited.

Detailed explanation-3: -Committee of Creditors of Essar Steel Limited v Satish Kumar Gupta and Ors. The Essar Steel Case is a landmark judgment in the arena of Insolvency & Bankruptcy Law, which decided the supremacy of the financial creditors in the Committee of Creditors in cases of distribution of claims.

Detailed explanation-4: -Accordingly, it said the entire existing issued, subscribed and paid-up share capital (both equity and preference) of the company stood cancelled and extinguished with effect from December 16, 2019.

Detailed explanation-5: -After insolvency, Essar Steel India Limited was acquired by ArcelorMittal Nippon Steel India Limited. Aditya Mittal is the Chairman of ArcelorMittal Nippon Steel and Dilip Oommen is the CEO.

There is 1 question to complete.