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Mr Ruia, Mr Omen, Mr Bhatnagar and StanChart knocks NCLAT doors opposing NCLT decision on ArcelorMital consortium bid for Essar Steel

Steel News - Published on Tue, 12 Mar 2019

Image Source: Indian Express
Essar Steel Ltd's promoter Mr Prashant Ruia, along with two other directors of the erstwhile board of the steelmaker Mr Dilip Oommen and Mr Rajiv Bhatnagar, has approached the National Company Law Appellate Tribunal to thwart a last moment takeover by ArcelorMittal. They have challenged the orders of the Ahmedabad bench of the National Company Law Tribunal. The matter was mentioned before a two-member bench headed by Chairman Justice SJ Mukhopadhaya, which asked it to be taken only after NCLT passes its full written order.

Standard Chartered Bank, a dissenting bank among the Committee of Creditors of Essar Steel, also challenged the 8 March order of NCLT Ahmedabad. Standard Chartered Bank is opposing the resolution plan approved by the CoC of Essar Steel contending that it was favored towards the secured creditors.

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Posted By : Ratan Singh on Tue, 12 Mar 2019
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