ArcelorMittal-Essar Steel case: NCLAT calls for rework of payout of dues


ArcelorMittal-Essar Steel case: NCLAT calls for rework of payout of dues

The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the resolution professional of Essar Steel to call a fresh meeting of committee of creditors (CoC) to discuss distribution of the ₹42,000 crore coming in from ArcelorMittal.

A two-member NCLAT bench, headed by Justice S.J. Mukhopadhaya, has asked for a reconsideration in distribution of ArcelorMittal’s funds between financial and operational creditors of Essar Steel in the meeting.

“The resolution professional (RP) may call for the meeting of the Committee of Creditors for reconsideration of distribution of funds,” the bench said. Read More

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