Updates under IBC as on 14th January, 2019.

1. IBC: NCLT To Announce Decision On Maintainability Of Essar Steel Asia’s Bid On Jan. 31

The Ahmedabad bench of the National Company Law Tribunal on Monday reserved its verdict on the maintainability of the bid by Essar Steel Asia Holdings to retake the management of the debt-laden company. The NCLT bench comprising BP Chaturvedi and Manorama Kumari said they will pass an order on the plea by Jan. 31.

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2. Essar group has cleared 80% of debt, says Ruia

Essar Global Fund, the holding company of the $11.5-billion Essar Group, on Monday said it has repaid Rs 12,000 crore ($ 1.75 billion) — the last tranche of its debt — as part of its strategy to de-leverage its balance sheet.
The latest debt settlement comes 17 months after the company repaid Rs 30,000 crore ($5 billion) to various lenders. In 2017, it sold Essar Oil to the Rosneft-Trafigura consortium for Rs 86,000 crore ($12.9 billion). Almost all the sale proceeds were used to settle Essar’s liabilities.

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