Essar Steel CoC may vote against higher payments to StanChart


Essar Steel CoC may vote against higher payments to StanChart

The committee of creditors (CoC) in the Essar Steel insolvency case is likely to vote against higher payments to Standard Chartered, but may partly increase the amount operational creditors get as part of the settlement offered by ArcelorMittal, said people with knowledge of the matter.

The CoC doesn’t want the plan changed as suggested by the National Company Law Appellate Tribunal (NCLAT) because this will eat into their own payouts. Lenders could file a caveat in the Supreme Court if the NCLATdoesn’t budge on its proposal, said the people cited above.

The CoC led by State Bank of India (SBI) is slated to meet on Friday to vote on whether operational creditors will get a bigger amount as proposed by the NCLAT. Read More

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