Essar Steel within Lakshmi Mittal’s grasp; NCLAT tells ArcelorMittal to keep Rs 42,000 crore ready


Essar Steel within Lakshmi Mittal’s grasp; NCLAT tells ArcelorMittal to keep Rs 42,000 crore ready

Even as ArcelorMittal seems wary of the lack of a definitive and final word from the National Company Law Appellate Tribunal (NCLT) on how its bid amount of Rs 42,000 crore would be distributed among the creditors to Essar Steel, the tribunal on Tuesday asked the NRI billionaire LN Mittal-led firm to be ready for upfront payment of the promised amount without any further procrastination.

While the appellate tribunal’s directive displayed its impatience with the perceived delay on the part of the global steel giant in turning up with the promised amount, it also signalled the deal to salvage the debt-laden Indian steel company is close to being executed.

NCLAT hinted that it might ask ArcelorMittal to deposit the money with an escrow account of either the insolvency court (NCLT) or the appellate tribunal itself in the next hearing, scheduled on April 23. Read More

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