Legal complications continue to threaten the ongoing Essar Steel insolvency resolution process after Standard Chartered (StanChart) filed a petition with the National Company Law Tribunal (NCLT) late last week, seeking to \u2018quash and set aside\u2019 the committee of creditors (CoC) decision in favour of ArcelorMittal\u2019s revised resolution proposal to acquire Essar Steel. According to StanChart\u2019s petition, it has also sought the rejection of ArcelorMittal\u2019s proposal by the tribunal. Also read:\u00a0GAIL, Getco move NCLT against ArcelorMittal\u2019s bid for Essar Steel In October, StanChart had filed a caveat to ensure that no decision is passed on ArcelorMittal\u2019s resolution plan submitted by the CoC for the NCLT\u2019s approval until StanChart is heard by the tribunal. As is known, over 90% of the CoC had finally voted in favour of the revised bid by ArcelorMittal, which has promised Rs 39,500 crore cash upfront. The electronic vote was conducted over October 24 and October 25. Various senior bankers had indicated to FE that StanChart had voted against the Arcelor\u2019s resolution plan. Alternatively, the StanChart petition seeks distribution of Rs 42,000-crore among secured financial creditors on a pro-rata basis based on amount of admitted claims or principal amount along with directions that StanChart \u2018receives its pro rata share of Rs 2,983.98 crore or at least Rs 2,646.05 crore (plus the applicant\u2019s share of the closing adjustment)\u2019. Classified as a secured financial creditor by resolution professional Satish Kumar Gupta, Rs 2,646.05 crore represents StanChart\u2019s secured principal outstanding exposure to Essar Steel. According to its calculations, StanChart\u2019s share as per the CoC-approved distribution would come to Rs 60.71 crore against admitted secured claims of Rs 3,487.10, coming to a recovery of 1.7% against Rs 2,983.98 it would receive if the share was divided on a pro rata basis among secured lenders with a recovery of 85.6%. Also read:\u00a0Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel For the difference in the amount it would receive under the two scenarios, StanChart blamed the core committee formed from among members of the CoC, namely State Bank of India, ICICI Bank, IDBI Bank, Edelweiss Asset Reconstruction Company, in March. This core committee was initially meant to represent the Essar Steel CoC at court proceedings, but which was later entrusted with several other functions. StanChart presents an argument in its application citing \u2018discriminatory practice\u2019 of the CoC, and terms the core committee\u2019s negotiation with ArcelorMittal just before the revised plan is put to a final vote , following approval of the same by the CoC, as illegal. SBI had referred Essar Steel to the NCLT seeking a resolution via the corporate insolvency resolution process under the IBC. Essar Steel owes lenders about Rs 49,000 crore.