Essar Steel insolvency case: 28 operational creditors move Supreme Court

The corporate insolvency resolution process of Essar Steel has been running for around 500 days now, against the deadline of 270 days

Nearly 28 operational creditors of Essar Steel have moved the Supreme Court (SC) challenging the appellate tribunal’s directions to the Ahmedabad Bench of the National Company Law Tribunal (NCLT), in which it had said that all the operational creditors cannot be given day-to-day hearing. 

In its order, the National Company Law Appellate Tribunal (NCLAT)  had said only a representative of the operational creditors could be given the opportunity to raise any objections to ArcelorMittal’s resolution plan for Essar Steel.

In their petition before the top court, the operational creditors have said that since they are not a party before NCLT, the NCLAT's