INSUBCONTINENT EXCLUSIVE:
On Friday, the Supreme Court halted ArcelorMittal's payment.The Supreme Court on Friday ordered ArcelorMittal SA to stop a payment to
lenders to buy Essar Steel, a lawyer involved in the case said, delaying billionaire Lakshmi Mittal's entry into the country's fast-growing
steel market.Bankruptcy court had approved ArcelorMittal's $6 billion bid for debt-ridden Essar on March 8, potentially ending months of
court battles and opening the sector to outsiders.On Friday, the Supreme Court halted ArcelorMittal's payment while a bankruptcy appeals
court - the National Company Law Appellate Tribunal - rules on various appeals in the case."(The court) asked the parties to maintain status
quo with respect to the March 8 order," said a lawyer working on the case, referring to an order by India's bankruptcy court, the National
Company Law Tribunal.The lawyer, who was at the court when the ruling was made, did not wish to be named as he is not authorised to speak to
the media.ArcelorMittal did not have any immediate comment
Essar Steel declined to comment.The rupee weakened by 0.3 per cent to 69.32 to the dollar following Friday's ruling, on concerns of subdued
dollar inflows.Essar Steel, with debts of Rs 50,780 crore ($725.38 million), was among the so called dirty dozen - twelve large steel and
other infrastructure companies which defaulted and were referred to country's bankruptcy court in 2017.The company became synonymous with
the tardy pace of debt resolution by banks saddled with billions of dollars of bad loans.When a new bankruptcy law was introduced in 2016 by
Prime Minister Narendra Modi, it was seen by investors as a bold move which would ease lending pressure on banks and boost private
investment.Local steel company JSW Steel Ltd, metals conglomerate Vedanta Ltd, Russian bank VTB and the erstwhile owners of Essar Steel had
all tried to win the 10-million-tonne steel asset over the last two years.Get the latest election news, live updates and election schedule
for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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