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NCLAT adjourns Essar Steel case till March 15

Steel News - Published on Fri, 15 Mar 2019

Image Source: Livemint
IANS reported that the National Company Law Apellate Tribunal has adjourned hearing on the Essar Steel case till March 15, asking the promoters to clear all the group's dues as per the Supreme Court's order and then come back to it. The tribunal on Thursday told the petitioners to clear the whole of Essar Group's dues first and then come with a resolution plan for Essar Steel. Essar promoters' counsel sought a week's time for this.

The development comes after Essar Steel MD Prashant Ruia and Essar Group executives, as well as the Standard Chartered Bank, filed a fresh petition before the NCLAT on Monday, seeking to set aside the ArcelorMittal's winning bid approved by the National Company Law Tribunal's Ahmedabad bench.

The bench also asked ArcelorMittal to raise its bid for Essar Steel as the promoters of the insolvent company have proposed a resolution plan with a higher bid.

Source :

Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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