NCLAT to hear Essar promoters’ plea against ArcelorMittal plan on Thursday


NCLAT to hear Essar promoters’ plea against ArcelorMittal plan on Thursday

The National Company Law Appellate Tribunal (NCLAT) will on Thursday hear a petition moved by promoters of Essar Steel India Limited against the National Company Law Tribunal (NCLT) Ahmedabad’s judgement approving ArcelorMittal’s resolution plan for debt-laden Essar Steel. The NCLT Ahmedabad had on March 8 approved ArcelorMittal’s Rs 42,000-crore takeover bid for debt-laden Essar Steel.

Three directors of Essar Steel had mentioned the issue on Monday before a two-judge bench headed by Chairman Justice S J Mukhopadhaya. The bench had asked the matter to be listed after the full written order of NCLT Ahmedabad was uploaded. The three directors of Essar Steel are – Prashant Ruia, Dilip Oommen and Rajiv Bhatnagar. Apart from the directors, dissenting financial creditor Standard Chartered Bank had also approached NCLAT on Monday.

Standard Chartered had alleged that it was being discriminated against by the Committee of Creditors (CoC) of Essar Steel as it had been allotted a very less value against its claim. Read More

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