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NCLT reserves order on ArcelorMittal resolution plan for Essar Steel

Steel News - Published on Fri, 15 Feb 2019

Image Source: Financial Express
Business Line reported that the Ahmedabad bench of the National Company Law Tribunal on Thursday concluded the hearing on the INR 42,000-crore ArcelorMittal resolution plan for the distressed Essar Steel India Ltd, but reserved its judgement. The two-judge bench comprising members Harihar Prakash Chaturvedi and Manorama Kumari asked all sides, including applicant ArcelorMittal, the Committee of Creditors and the Resolution Professional, to make written submissions by February 18.

The tribunal also reserved its order on pleas by operational creditors, unsecured lender Standard Chartered Bank and firms seeking operational claims in the interim of corporate insolvency resolution process.

The case marks a landmark for the Insolvency and Bankruptcy Code (IBC). Essar Steel was put on the first list of 12 top corporate defaulters referred for insolvency proceedings. However, the long-drawn litigation over 18 months in the case has meant that the 270-day time frame for resolution has been breached.

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Posted By : Ratan Singh on Fri, 15 Feb 2019
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