The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd. The tribunal’s approval for the mega deal has come 583 days after it started the insolvency proceedings, instead of the mandated 270 days.
ArcelorMittal’s takeover proposal for the indebted steel-maker was approved by the Essar Steel’s Committee of Creditors last October and it was pending before the NCLT for approval since then.
Clearing ArcelorMittal’s bid, NCLT said it cannot impose judicial view over banks’ wisdom. However, asking the Committee of Creditors (CoC) to reconsider distribution of dues, Read More