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.
Protesters on Monday gathered outside the Supreme Court complex demanding an independent probe into the sexual harassment allegation raised against Chief Justice of India Ranjan Gogoi.
A former court assistant accused chief justice Ranjan Gogoi of having made unwanted sexual advances last year, the most high-profile case in a wave of sexual harassment accusations after a #metoo movement swept the country.
Dozens of protesters gathered outside India’s Supreme Court on Tuesday, a day after a panel of judges dismissed a sexual harassment complaint against the chief justice, carrying placards demanding a new and impartial investigation.
MAG Development, the real estate arm of the Mag Holding Group, has announced the laying of the foundation stone for the ‘Mag City’ project, located in the city of Mohammed Bin Rashid in the Meydan District 7.
The Khalifa Fund for Enterprise Development (KFED) has announced plans to conduct a foresight study aimed at providing a long-term look at the prospective challenges and opportunities of entrepreneurship
US officials announced a truce in the trade war with China with much fanfare, but economists and trade experts call it largely a victory for Beijing.