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Supreme Court rejects pleas by Essar Steel promoter and directors

Steel News - Published on Tue, 12 Feb 2019

Image Source: Economic Times
CNBC TV 18 reported that Supreme Court has rejected the pleas by the operations creditors of Essar Steel, seeking a stay on a National Company Law Appellate Tribunal order asking the NCLT Ahmedabad to take a decision on the debt-laden company's case by February 11. The Supreme Court on Monday said the Essar promoters are acting through operational creditors, people and proxies to delay the process and it has been 571 days since the inception of the insolvency proceedings.

The petition before the National Company Law Tribunal was moved on February 1 by the former managing director of Essar Steel Dilip Oommen along with its project director Rajiv Kumar Bhatnagar, as well as Ruia.

This fresh move by the Essar Steel directors came after the NCLT-Ahmedabad had on January 29 rejected the debt settlement proposal put forth by the Essar Steel Asia Holdings despite it being much higher at INR 54,389 crore than the former's INR 42,000-crore bid.

The SC order of rejecting the pleas means that the NCLT will have to decide on the case and thereby approve ArcelorMittal's bid.

Source :

Posted By : Ratan Singh on Tue, 12 Feb 2019
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