ArcelorMittal’s Rs 42,000 crore resolution plan for takeover of bankrupt Essar Steel has received a final go ahead from NCLAT, TV news channels reported. The Lakshmi Mittal-run steel major has been asked by the tribunal to deposit the amount with the Committee of Creditors (CoC).
The NCLAT refused to put on hold ArcelorMittal’s proposed payment to Essar Steel’s lenders, clearing the NCLT, Ahmedabad-approved resolution plan for one of the biggest IBC cases in India.
On Friday, NCLAT had refused to stay a bankruptcy court order approving steel giant ArcelorMittal’s bid for Essar Steel. It had sought a fresh plan for the distribution of bid amount between financial and operational creditors of the debt-laden firm. Read More
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