Two Essar firms to deposit Rs 82 cr over ArcelorMittal suit

24 Dec 2020 CW Team

The Bombay High Court has directed Essar House Pvt Ltd (EHPL) and Essar Services India Pvt Ltd (ESIPL), owned by the Ruias, to deposit more than Rs 82 crore in the next eight weeks in the court. This is for the two separate arbitration suits filed by ArcelorMittal Nippon Steel India Pvt Ltd.

Essar House Pvt Ltd (EHPl) had received Rs 35 crore security deposit from Essar steel. Whereas, Essar Services India Pvt Ltd (ESIPL) received Rs 47 crore security deposit.

ArcelorMittal approached the court for immediate protection before the arbitration process began. This is under Section 17 of the Arbitration and Conciliation Act 1996.

As per two separate court orders, Essar Steel entered into a rental agreement with Essar Housing. It was done to occupy the ground floor and 20 upper floors of Essar House, located in Mahalakshmi, Mumbai. ESIPL provided the management, administrative as well as accounting services to Essar Steel.

Moreover, ArcelorMittal was seeking a refundable security deposit that the company had paid to these two companies. It was payable upon termination of the contract.

However, both the companies refused to refund the money on the basis that they novated its obligation in the bilateral agreement. It was later on used to settle with their liability to make any repayment.

There was a clause of arbitration with both parties; ArcelorMittal invoked the clause and approached the high court to secure the amount.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..