In a victory of sorts, ArcelorMittal’s `42,000-crore resolution plan for the bankrupt Essar Steel received a conditional nod from the National Company Law Appellate Tribunal (NCLAT) on Monday.
A two-member bench, headed by justice SJ Mukhopadhaya, said the acceptance of the resolution plan submitted by ArcelorMittal will be subject to its final order in the appeal filed by the Essar Steel promoters and Standard Chartered against the move.
It also said there is no stay on disbursal of the funds among financial and operational creditors of Essar Steel. “We are not going to interfere with the approved resolution plan.
There will be no setting aside of the approved order on the ground of discrimination in the distribution of funds. If there is indeed any discrimination, we will redistribute it,” the bench said. The NCLAT will hear the matter again on March 27. Read More
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