The National Company Law Appellate Tribunal (NCLAT) on Thursday directed promoters of Essar Steel to pay their dues, as per the orders of the Supreme Court, saying it would then “make room for” them.
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.
ArcelorMittal’s Rs 42,000-crore resolution plan for the debt-laden Essar Steel was on Friday approved by the Ahmedabad bench of the National Company Law Tribunal (NCLT).
The Ahmedabad bench of the National Company Law Tribunal has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd.
National Company Law Tribunal (NCLT) Ahmedabad is expected to pass its order Friday in the high-profile insolvency and bankruptcy code (IBC) case of Essar Steel in which ArcelorMittal has emerged as the winning bidder with Rs 42,000-crore offer.
NCLT to pass order on Essar Steel insolvency case later today; ArcelorMittal favourite, all eyes on Ruias
The Ahmedabad bench of the National Company Law Tribunal (NCLT) will on March 8 deliver its verdict on the Essar Steel insolvency case. The case is listed to be heard in the second half of the day, and is number 10 on the Cause List.
The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on Thursday rejected two pleas by lender Karur Vysya Bank (KVB) which sought to reject ArcelorMittal’s resolution plan for Essar Steel India Limited (ESIL) citing pending dues from ArcelorMittal in KSS Petron.
A forum of operational creditors with over Rs 1 crore in admitted dues from Essar Steel has appealed to ArcelorMittal which is in the process of acquiring the debt-ridden company, to pay their dues as well.
After Essar Steel, now Essar Power (EPL) has been taken to the National Company Law Tribunal (NCLT), Ahmedabad, by one of the lenders L&T Infrastructure Finance Company on Tuesday.
Ten social activists have come out in support of lawyer Prashant Bhushan in the Supreme Court, contending that the contempt proceedings initiated against him appears to be an assault on freedom of speech and expression.