Essar Steel-NCLT case : A timeline

2017

May - Banking Regulation (Amendment) Ordinance authorises RBI to proceed with bankruptcy proceedings by banks against defaulters.

June - Reserve Bank of India (RBI) identifies 12 defaulters including Essar Steel India Ltd (ESIL) and asks banks to initiate insolvency proceedings against them under Insolvency and Bankruptcy Code (IBC), 2016. On June 27, Insolvency proceedings initiated against ESIL at the National Company Law Tribunal (NCLT), Ahmedabad.

July - ESIL moves Gujarat High Court against the insolvency proceedings initiated by its lenders - led by the State Bank of India. HC disposes of ESIL petition.

August - NCLT Ahmedabad bench admits insolvency petition against ESIL; appoints Satish Kumar Gupta from Alvarez & Marsal India as Interim Resolution Professional (IRP or RP).

October - RP invites EOIs for Essar Steel.

2018

February - First round of bids submitted by Numetal Limited, ArcelorMittal India Limited.

March - RP holds Numetal and ArcelorMittal bids ineligible. The companies challenge rejection in NCLT.

April - RP invites second round of bids. NCLT Asks RP to re-examine first round of bids afresh. As a result, ArcelorMittal, Numetal file fresh bids.

May - Suspended board of ESIL submits debt restructuring plan, gets rejected.

September - NCLAT asks ArcelorMittal to clear dues in Uttam Galva and KSS Petron.

October - ESIL's majority shareholder, Essar Steel Asia Holdings (ESAHL) offers a settlement proposal to repay entire debt of Rs 54,389 crore. Meanwhile, COC approve ArcelorMittal's bid of Rs 42,000 crore with 92 per cent majority vote.

November - Operational Creditors (OCs) file petitions challenging ArcelorMittal's plan. Standard Chartered files separate petition against ArcelorMittal's plan.

2019

January - NCLT holds ESAHL's Rs 54,389-cr settlement offer 'non-maintainable'.

March 8 - NCLT approves ArcelorMittal's Rs 42000 crore bid for Essar Steel.