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NCLT rejects ArcelorMittal’s plea for EPC Construction revote - Report

Steel News - Published on Mon, 22 Apr 2019

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ET reported that Mumbai bench of National Company Law Tribunal has rejected ArcelorMittal India’s plea to set aside the resolution plan submitted by Royale Partners Investment Fund for EPC Construction India, formerly Essar Projects India. Mr MK Shrawat, presiding officer of the Mumbai-bench of NCLT, said “I am not inclined to interfere with the decision of the committee of creditors in approving RPIF’s resolution plan. As far as legal and procedural requirements are concerned, prima facie, they are complete in all aspects and will be looked into further at the stage of plan approval by this bench.”

The lenders of EPC Construction India have approved RPIF’s revival plans with 73% voting. The local subsidiary of Luxembourg-based ArcelorMittal Group sought the National Company Law Tribunal’s intervention to direct EPIL’s lenders to re-vote on its plan and restrain the resolution professional and lenders from proceeding with implementation of RPIF’s resolution. ArcelorMittal had opposed the lenders’ decision to approve the Royale Partners’ plan, arguing that it did not having approval from the Competition Commission of India, as required. ArcelorMittal said the total value of its offer was more than INR 2,200 crore, including INR 1,084 crore of fresh equity in EPC Construction India, which owes over INR 7,200 crore to its financial and operational lenders.

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Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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