The Delhi-based National Company Law Appellate Tribunal (NCLAT) has directed the Ahmedabad bench of National Company Law Tribunal (NCLT) to decide on the resolution plan for Essar Steel on or before February 11.
The appellate two judge bench’s directive came while hearing a plea by lenders to the steel company asking the court to expedite the process for resolution which has been ongoing for the last one-and-a-half years.
“One of the petitioners in the case sought more time because his counsel was not present, so the court has given them a few more days. We now expect a resolution to happen soon,” said a creditor to Essar Steel. Read More
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