NCLAT amends order on Essar Steel, adds Darius Khambata as counsel

By: | Published: September 17, 2018 4:41 PM

The National Company Law Appellate Tribunal (NCLAT) today amended its order on the Essar Steel, passed by it on September 7, to add the name of senior counsel Darius Khambata, which was left out.

National Company Law Appellate Tribunal, Darius Khambata, arcelor mittal, latest news on arcelor mittal, news today, LN MittalKhambata had represented Resolution Professional of the debt-ridden firm Essar Steel in this matter before the appellate tribunal and his name was missing in the final order.

The National Company Law Appellate Tribunal (NCLAT) today amended its order on the Essar Steel, passed by it on September 7, to add the name of senior counsel Darius Khambata, which was left out. Khambata had represented Resolution Professional of the debt-ridden firm Essar Steel in this matter before the appellate tribunal and his name was missing in the final order.

Tribunal’s direction came after an application was moved to include his name. In its judgment, passed earlier this month, NCLAT had ruled that Nu-metal’s Rs 37,000 crore second-round bid for Essar Steel is valid, but asked rival bidder ArcelorMittal to clear Rs 7,000 crore dues of its previously associated firms within three days to qualify for the acquisition.

World’s largest steel manufacturer ArcelorMittal and Russia’s VTB Capital-backed Numetal are in race to acquire debt-ridden Essar Steel, which is being auctioned by its lenders to recover their Rs 49,000 crore defaulted loans. The order of NCLAT is now challenged before the Supreme Court by both bidder Numetal and ArcelorMittal separately. The apex is scheduled to hear the matter tomorrow.

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