The Ahmedabad bench of the National Company Law Tribunal (NCLT) said Monday it will pronounce before 31 January its order on a petition filed by Essar Steel shareholders for submission of its proposal to settle dues worth ₹54,389 crore.
The pronouncement comes after observations made by the National Company Law Appellate Tribunal (NCLAT), which had last week asked NCLT Ahmedabad to expedite the insolvency case filed against Essar Steel (India) Ltd.
“We will pronounce our order on maintainability of the petition by 31 January. Based on it, further hearing related to it would begin,” according to Harihar Prakash Chaturvedi, member judge at NCLT Ahmedabad.
Essar Steel owes more than ₹49,000 crore to more than two dozen banks led by State Bank of India. It runs a 10-million-tonne steel mill at Hazira in Gujarat Read More