Former Essar Steel promoter approach NCLAT against ArcelorMittal takeover


Former Essar Steel promoter approach NCLAT against ArcelorMittal takeover

Essar Steel’s former promoter Prashant Ruia along with two other directors of the erstwhile board of the steel maker Monday approached the National Company Law Appellate Tribunal (NCLAT) to thwart a last moment takeover of the debt-ridden firm by the global steel giant ArcelorMittal.

Ruia has challenged the orders of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which on Friday approved the Rs 42,000-crore takeover plan of Essar Steel by ArcelorMittal.

The matter was mentioned before a two-member bench headed by Chairman Justice S J Mukhopadhaya on Monday evening, which asked it to be taken only after the NCLT passes its full written order.

Standard Chartered Bank, a dissenting bank among the Committee of Creditors (CoC) of Essar Steel, Monday also challenged the March 8 order of the Ahmadabad bench of NCLT. Read More

Leave a Reply

Your email address will not be published.