Essar Steel Insolvency: NCLT rejects RIL's plea opposing Arcelor bid

However, two-member bench upholds RIL's plea by directing Essar Steel's resolution professional to consider its claims for dues worth Rs 16 crore

The National Company Law Tribunal (NCLT) Ahmedabad bench on Tuesday rejected Mukesh Ambani-led Reliance Industries Limited (RIL)'s plea opposing ArcelorMittal's Rs 42,000 crore takeover bid of insolvent Essar Steel. The tribunal also rejected RIL's plea to be heard as an operational creditor (OC).

However, the two-member bench, consisting of adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari, upheld RIL's plea by directing Essar Steel's resolution professional (RP) to consider its claims for dues worth Rs 16 crore.

Ruling that the "application succeeds on partial ground", the tribunal allowed RIL to approach RP to get its claims registered and resubmitted before