The National Company Law Appellate Tribunal (NCLAT) Thursday directed the NCLT Ahmedabad bench to take a decision on the Rs 42,000-crore resolution plan submitted by ArcelorMittal for debt-ridden Essar Steel by March 8.
A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) fails to pass an order by this deadline, it would call records and pass an order.
“Adjudicating authority (NCLT) has to pass final order by March 8, failing which this appellate tribunal may call all records including resolution plan approved by committee of creditors (CoC),” said NCLAT.
The appellate tribunal has directed to list the matter on March 13 for next hearing. Read More
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