In what may delay its plans to enter India, the Supreme Court on Friday halted ArcelorMittal from making Rs 42,000 crore payment to Essar Steel’s lenders, Bloomberg reported. The apex court also directed to maintain status quo with respect to the NCLT’s last order, the report added.
State Bank of India has done well to approach the Supreme Court to challenge the National Company Law Appellate Tribunal (NCLAT) asking the Committee of Creditors (CoC) to reconsider its decision in the Essar Steel matter so as to ensure that operational creditors
The Ahmedabad Bench of the NCLT on Wednesday reserved its order on a plea filed by the Ruias, the promoters of the distressed Essar Steel. The promoters had sought to claim their right to participate in the meetings of Essar Steel