ArcelorMittal must wait more for Essar Steel resolution; NCLT defers bankruptcy verdict again


ArcelorMittal must wait more for Essar Steel resolution; NCLT defers bankruptcy verdict again

ArcelorMittal’s wait for Essar Steel bankruptcy resolution has got longer with the NCLT verdict deferred to 19 February 2019, and the subsequent NCLAT hearing postponed to 28 February 2019.

The Ahmedabad branch of the National Company Law Tribunal (NCLT) is now expected to give its verdict on ArcelorMittal’s resolution plan for Essar Steel by 19 February, PTI reported.

Further, NCLAT will hear the Essar Steel case on 28 February, TV news channels reported. Earlier, the National Company Law Appellate Tribunal (NCLAT) hearing was due for today ie 12 February, after NCLT was supposed to have given its verdict by 11 February. However, NCLT Ahmedabad has reserved its order.

Meanwhile, the company’s original promoters — the Ruia family — moved NCLAT on Monday ie 11 February against a previous NCLT order which dismissed Ruias’ resolution plan.  Read More

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