The National Company Law Appellate Tribunal (NCLAT) on Thursday asked the NCLT Ahmedabad bench to expeditiously decide on the Essar Steel insolvency case, in which ArcelorMittal has emerged as the highest bidder.
Essar Steel lenders led by State Bank of India had filed an application with the NCLAT seeking early approval of the resolution plan. The case has been running for about 500 days as against a maximum of 270 days allowed for a resolution under the Insolvency and Bankruptcy Code (IBC).
A two-member NCLAT bench, headed by chairman Justice S J Mukhopadhaya, asked the NCLT bench to take an early decision in the matter as per the order passed by the Supreme Court in this regard. Read More