Essar Steel case: NCLT rejects plea from 8 operational creditors


Essar Steel case: NCLT rejects plea from 8 operational creditors

The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Thursday rejected the petitions by eight of the operational creditors of distressed Essar Steel India (ESIL) who sought to consider ESIL promoters’ offer to settle entire debt over the resolution plan submitted by ArcelorMittal.

Passing an oral judgement, the adjudicating authority comprising Justice Harihar Prakash Chaturvedi and Justice Manorama Kumari, passed a common order rejecting the interlocutory applications (IAs) of the OCs.

“The pleas by the listed eight OCs are dismissed and disposed off. Principal observations would be available in the detailed order which will follow later,” said the Bench. Read More

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