The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd. The tribunal’s approval for the mega deal has come 583 days after it started the insolvency proceedings, instead of the mandated 270 days. ArcelorMittal’s takeover proposal for the indebted steel-maker was approved by the Essar Steel’s Committee of Creditors last October and it was pending before the NCLT for approval since then.

— News18

L&L Partners advised ArcelorMittal and its bid partner company Nippon Steel Corporation led by a team of partners Rajiv Luthra, Mohit Saraf, Sameen Vyas and Sudhir Sharma along with partners Abhishek Swaroop, Apurva Jayant, Bikash Jhawar; Priyanka Singh and Sundeep Dudeja.

Updated S&R team names 15 January 2020: S&R Associates was co-counsel for ArcelorMittal, led by a corporate team including partners Rajat Sethi, Sandip Bhagat, Sudip Mahapatra and Prachi Goel, and associates Vidhi Sharma, Srimukundan R, Sushmita Sur, Soumalya Saha and Sonal Bhargava. The litigation team included counsel Shahezad Kazi and associates Misha Chandna, Aditi Agarwal and Raveena Dhawan. The competition law team included competition head Simran Dhir, and associates Dhruv Agarwal and Ishika Rout.

Cyril Amarchand Mangaldas acted for the resolution professional.

Shardul Amarchand Mangaldas acted for the committee of creditors, with a team of executive chairman, Shardul Shroff, national practice head of banking and finance and partner Sapan Gupta, partners Soummo Biswas, Veena Sivaramakrishnan, Yogesh Chande and Deepto Roy, principal associate Sagar Manju, senior associates Mrida Lakhmani, Charu Misra, Swati Lal and Parth Gokhale, as well as associates Moushmi Mehta, Suktika Banerjee and Lishaka Gulati. Also involved were managing partner Pallavi Shroff, partners Manu Nair, Misha, Ameya Gokhale, Meghna Rajadhyaksha and Rishab Gupta, as well as senior associates Siddhant Kant, Grishma Ahuja and Vaijayant Paliwal, as well as associates Rishab Jogani, Shalin Jani, Jasveen Kaur and Moulshree Shukla.

2019-03-08

Deal value: USD 7 billion

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