Essar Steel case: NCLT concludes hearing on Arcelor's plan, reserves order

Written submissions from all sides including ArcelorMittal, Committee of Creditors and Resolution Professional have been invited by February 18

The stage is set for a landmark order by the bench of the National Company Law Tribunal (NCLT), on approval or rejection of the Rs 42,000-crore takeover bid by ArcelorMittal of insolvent Essar Steel. 

With the marathon hearing having concluded, on the bid and objections by several parties against it, the tribunal has reserved the matter for its order. Meantime, written submissions from all sides —including ArcelorMittal, the Committee of Creditors (CoC) and the Resolution Professional (RP) — have been invited by the coming Monday. 

Part of the original list of 12 major defaulters in which the corporate insolvency resolution process (CIRP)