Essar Steel Asia has no right over mortgaged asset, says CoC

Senior counsel Ravi Kadam told the NCLT that the mortgaged assets belonged to the creditors and the public

Countering Essar Steel Asia’s claims for a right to redeem the insolvent Essar Steel as a holding company with a 75 per cent stake, senior counsel for the Committee of Creditors argued that it had no right over the mortgaged asset as a shareholder in the National Company Law Tribunal. 

Representing the CoC, senior counsel Ravi Kadam told the NCLT that the mortgaged