ArcelorMittal’s Rs 42,000 cr for Essar Steel: Distribute equitably among creditors, others, advises NCLAT


ArcelorMittal’s Rs 42,000 cr for Essar Steel: Distribute equitably among creditors, others, advises NCLAT

The National Company Law Tribunal (NCLT) has advised Essar Steel’s committee of creditors (CoC) and resolution professional (RP) to consider a judicious distribution of Rs 42,000 crore among financial creditors (FC) and other stakeholders as part of its ruling on the various petitions related to Essar Steel, including approval of the proposed resolution plan by ArcelorMittal.

Members of the CoC have already had a meeting on the subject and are likely to take a final decision by Friday on whether they will act on the tribunal’s proposal, a banker aware of the developments told FE.

The written order published Thursday read, “…we feel appropriate to observe by making suitable suggestions to the CoC that the method for apportionment of the amount receivable from the Resolution Read More

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