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IBC set to hand over management of Essar Steel to ArcelorMittal consortium - Report

Steel News - Published on Wed, 13 Mar 2019

Image Source: Livemint
Arabian Business reported that India’s insolvency and bankruptcy agency is set to hand over management of the 10 million tonne Essar Steel to AreclorMittal consortium. A top official of India’s ministry of corporate affairs, the nodal ministry for IBC, told Arabian Business “We are waiting for the written order from the Ahmedabad bench of National Company Law Tribunal which has approved the resolution plan of ArcelorMittal for Essar Steel. We expect the written order to come in a day or two, after which the order will be issued for the management change in Essar Steel.”

The government official, however, said the ministry will clear the management change in Essar Steel once the written order from NCLT is received and the legal contentions against the takeover can continue even after it.

Even as the corporate affairs ministry is awaiting the written order from the NCLT bench to clear the order on management change in Essar Steel, a fresh petition by was filed before the Ahmedabad bench of the tribunal on Monday by Essar Steel MD Prashant Ruia and Essar Group executives seeking to set aside the ArcellorMittal’s winning bid.

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Posted By : Rabi Wangkhem on Wed, 13 Mar 2019
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