ArcelorMittal points to Essar Steel lenders' backing in NCLAT

People close to the development said Abhishek Manu Singhvi, appearing for ArcelorMittal, read out certain parts from the petition filed by the CoC during the hearing at NCLAT on Wednesday.

Lenders to Essar Steel feel that ArcelorMittal, “a serious and credible resolution applicant”, has displayed “a genuine intention and taken concrete steps” by attempting to clear overdues in defaulting firms whereit was a shareholder. 

This was stated by ArcelorMittal, with reference to the documents presented in the NCLAT on Wednesday.

A statement tweeted by ArcelorMittal said, “We welcomed the opportunity to begin presenting our case to the National Company Law Appellate Tribunal (NCLAT) on Wednesday.

We have consistently maintained our belief that our offer for Essar Steel India Limited (ESIL) is eligible and that we are the only credible resolution applicant