 "Numetal to Supreme Court: NCLAT wrongly allowed Arcelor to pay dues")
Russia’s VTB Bank-promoted firm Numetal has alleged in the Supreme Court that NCLAT “wrongly” applied legal provisions to enable its rival bidder ArcelorMittal to pay the dues of two debt-ridden firms even after it had bid for Essar Steel.
A Bench of Justices R F Nariman and Indu Malhotra has been hearing the cross appeals of Numetal and steel and mining major ArcelorMittal against the National Company Law Appellate Tribunal (NCLAT) order.
“The present appeal is preferred under ...the IBC against the judgment passed by the NCLAT..., whereby the NCLAT has wrongly applied Section 30 (4) to enable one Arcelor India to pay overdue amounts of non-performing assets even after submission of its Resolution Plan(s) for the resolution of the insolvency of Essar Steel India allowing AM India to cure its ineligibility,” Numetal said.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%