The logo of steel factory ArcelorMittal is pictured in Seraing near the Belgian city of Liege. File photo/ Reuters
India’s Supreme Court cleared the path on Friday for steelmaker ArcelorMittal SA to take over bankrupt Essar Steel, following a legal tussle that has dragged through multiple courts for over two years.
The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company, in a ruling that provides relief to lenders and sets a precedent that could speed-up the resolution of other insolvency cases.
Banks had moved the Supreme Court earlier this year after an appellate court judgment put the claims of Essar’s operational creditors on par with those of its lenders.
Essar Steel, with debts from banks worth nearly 500 billion rupees ($7.01 billion), was among the so called dirty dozen - twelve large steel and other infrastructure companies which defaulted and were referred to India’s bankruptcy court in 2017.
The ban led to plummeting trade volumes and exchanges shutting their businesses. A three-judge Supreme Court bench said in their ruling that while the central bank had the power to take pre-emptive action, the court questioned the "proportionality" of such measures.
The warrant against her was issued on a complaint lodged by Shambhu Kumar, an ex-serviceman. Kumar alleged series 'XXX' (Season-2) featured several offensive scenes concerning a soldier's wife.
The Supreme Court on Thursday delivered a split verdict on a clutch of petitions challenging the Karnataka government's Feb.5 order, prohibiting wearing of Hijab inside classrooms in pre-university colleges.
India’s Supreme Court, arguably the most powerful institution of its kind in the world, disclosed recently that the administration did not co-operate with the probe it had ordered into alleged use of highly intrusive Israeli spyware Pegasus to snoop on media persons, politicians and activists. It had earlier refused to give Parliament
Commenting on the recent agreement forged at the G20 meet to link Middle East countries by railway and connect them to India through seaports, Bin Sulayem stressed that the ultimate objective was to expedite the delivery of goods and introduce new alternative routes.
The UAE economy is forecast to grow 3 per cent in 2023 and 4 per cent in 2024, driven by the non-oil sector, which is expected to benefit from strong growth in tourism,
This important accomplishment has been fulfilled under the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, and the supervision of His Highness Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE.