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Indian court clears ArcelorMittal's Essar Steel buyout

Christian Fernsby |
ArcelorMittal inched a step closer to acquiring India's 10mn t/yr Essar Steel as India's Supreme Court approved the existing bankruptcy resolution plan for Essar.

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Details of the judgement have not been posted on the court website yet, but an approval of the bankruptcy plan will allow ArcelorMittal to make payments to Essar's creditors, ArcelorMittal said.

A review petition is allowed to be filed on a Supreme Court judgement, which will add another layer of legal scrutiny if some of the lenders choose to do so.

The current case was filed by unsecured creditors of Essar, which wanted a bigger share of the acquisition proceeds.

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