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GPI Textiles seeks cancellation of ArcelorMittal plan for Essar Steel

Steel News - Published on Tue, 05 Feb 2019

Image Source: Business Standard
In yet another twist to the case, the counsel of resolution professional of Mr LN Mittal’s brother Mr Pramod Mittal-led GPI Textiles approached the NCLT Ahmedabad Bench seeking to quash ArcelorMittal’s resolution plan claiming that the former has outstanding dues to GPI Textiles worth INR 300 crore. The NCLT Ahmedabad has asked the RP of GPI Textiles to appear in-person before it on Tuesday and clarify his stance.

However, counsels of ArcelorMittal and Essar Steel RP objected to GPI Textiles’ plea, stating that its committee of creditors, in a written submission before NCLT Ahmedabad, had agreed to not seek such a quashing.

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Posted By : Ratan Singh on Tue, 05 Feb 2019
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