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Essar Steel insolvency awaits NCLT verdict

Steel News - Published on Mon, 11 Feb 2019

Image Source: Financial Express
Financial Express reported that as the Essar Steel’s insolvency and bankruptcy case plays out at the NCLT Ahmedabad, awaiting verdict due by 11 February 2019, there might be yet another spanner in the wheel which could throw the process off the track, even if for a short duration. The Supreme Court will hear an operational creditor Kamaljeet Singh Ahluwalia’s plea on 11 Feb. Ahluwalia had moved the apex court against the NCLAT directive to NCLT Ahmedabad to decide on Essar Steel’s resolution plan by 11 Feb.

Earlier, Mr Kamaljeet Singh Ahluwalia had moved NCLAT before approaching the Supreme Court, requesting it to ask NCLT to hear his plea before the ArcelorMittal resolution plan is accepted. His plea was rejected by a two-judge bench headed by Justice S J Mukhopadhaya, which ruled that NCLAT would not take the matter up before the hearing is finished at the NCLT.

According to Essar Steel’s website, the company owes INR 41.4 crore to Kamaljeet Singh Ahluwalia. Essar Steel has long been embroiled in the insolvency and bankruptcy case.

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Posted By : Ratan Singh on Mon, 11 Feb 2019
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