Essar Steel: NCLT reserves orders on pleas related to ArcelorMittal plan

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New Delhi | Published: February 15, 2019 4:55:38 AM

All orders for the pleas related to the approval of ArcelorMittal India’s Rs 42,000-crore resolution plan to take over the bankrupt Essar Steel was reserved by the Ahmedabad bench of National Company Law Tribunal (NCLT) on Thursday.

essar steel, steel sector, steel industryEssar Steel’s Committee of Creditors (CoC) had passed the resolution plan with over 90% and submitted before Ahmedabad bench of NCLT for approval.

All orders for the pleas related to the approval of ArcelorMittal India’s Rs 42,000-crore resolution plan to take over the bankrupt Essar Steel was reserved by the Ahmedabad bench of National Company Law Tribunal (NCLT) on Thursday.

The National Company Law Appellate Tribunal (NCLAT) had asked the two-member bench comprising Harihar Prakash Chaturvedi and Manorama Kumari to take the decision on resolution plan by February 19. NCLAT will hear the case on February 28. NCLT has also asked all the parties in the case to make their written submission before it.

The bench has turned down yet another plea of Essar Steel seeking a copy of the resolution plan as shareholders of the company.

Essar Steel’s Committee of Creditors (CoC) had passed the resolution plan with over 90% and submitted before Ahmedabad bench of NCLT for approval.

On Thursday, counsel of resolution professional (RP) told NCLT that the plan submitted before the bench was in compliance with the norms of IBC and apex court’s directions. He said that ArcelorMittal’s plan was best amongst all other plans came for consideration.

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