ArcelorMittal may have to shell out more as Essar Steel operational creditors approach NCLT


ArcelorMittal may have to shell out more as Essar Steel operational creditors approach NCLT

After GAIL (India) and Gujarat Energy Transmission Corporation (GETCO) last week approached the National Company Law Tribunal (NCLT) to recover their dues from Essar Steel, more operational creditors are expected to follow suit this week.

Sources said the claims could top Rs 2,500 crore from the present Rs 1,600 crore. “More operational creditors will move NCLT this week. NCLT may take up hearing from November 26,” they stated.

While GETCO, the Gujarat government owned transmission company, has made a claim of Rs 825 crore, GAIL has sought Rs 125 crore in payments. The two petitions take the total claim to about Rs 1,600 crore at present.

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