ArcelorMittal’s plea to freeze Essar Global Fund denied

Cayman Island/Delhi, July 25 

In a setback to ArcelorMittal, the Grand Court of Cayman Island has declined its plea for a ‘Garnishee Order’ and a ‘Freezing Injunction’ against Essar Global Fund Ltd, the parent firm of Essar Group of companies, for recovering a $1.5 billion arbitration award.

ArcelorMittal has mounted legal battles against the Ruia family in multiple countries in an effort to enforce a $1.5 billion US arbitration award it had won in December 2017 on an Essar Steel Minnesota’s terminated iron-ore pellets supply contract to ArcelorMittal USA LLC (AMUSA). 

But Essar Steel has said it could not pay. It now has less than $2.5 million in assets. — PTI

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