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Standard Chartered delaying Essar Steel insolvency process - CoC counsel

Steel News - Published on Mon, 11 Feb 2019

Image Source: BFSI - Elets Technomedia
Financial Express reported that rejecting all charges made by SCB counsel, including that of conspiracy against SBC and entire process of resolution plan as a big scam, the CoC counsel said that decision on distribution plan was taken on best commercial wisdom of CoC. CoC counsel told the Ahmedabad bench of National Company Law Tribunal “Standard Chartered Bank doesn’t have anything to argue as its loan is not secured with project assets but it is still delaying the case using arm twisting and blackmailing tactics. Decision on distribution plan was taken on best commercial wisdom of CoC. Don’t trivialise negotiation through imaginary conspiracy. Decisions were taken on the basis of quality, nature and depth of security.”

He further said that through negotiation core-committee could raise ArcelorMittal’s bid from INR 35,000 crore to INR 39,500 crore plus minimum guarantee of INR 2,500 crore as working capital.

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Posted By : Ratan Singh on Mon, 11 Feb 2019
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