ArcelorMittal gets NCLAT's conditional nod for Rs 42,000-cr Essar Steel bid

RP to ensure company remains a going concern, to start implementation of plan, says NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Monday gave a conditional go-ahead to ArcelorMittal’s Rs 42,000-crore resolution plan for debt-laden Essar Steel. A two-member Bench said the implementation would be subject to the final outcome of the various pending appeals. The financial and operational creditors of the company can be given the funds according to the resolution plan, the Bench said.

The resolution profes­sional (RP) of the company will head the monitoring committee, which will ensure that Essar Steel remains a going concern, the NCLAT said. While the appellate tribunal said it would look into the issue of equitable