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Luthra, S&R, CAM-SAM conclude $7bn ArcelorMittal, Nippon distressed takeover of Essar Steel

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 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.

S&R Associates was co-counsel for ArcelorMittal.

Cyril Amarchand Mangaldas acted for the resolution professional.

Shardul Amarchand Mangaldas acted for the committee of creditors.

2019-03-08

Deal value: USD 7 billion

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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