Essar Steel lenders unlikely to get ArcelorMittal payment by March 31

CoC meeting on redistribution of funds, payment to StanChart currently underway, to conclude by Friday

The bankers to Essar Steel India Limited will not be able to receive ArcelorMittal’s payment for the company by March 31 despite a meeting of Committee of Creditors (CoC) currently underway, the counsel for the lenders told the National Company Law Appellate Tribunal (NCLAT) on Wednesday. A meeting of the Essar Steel CoC is currently ongoing to consider redistribution of funds from ArcelorMittal’s Rs 42,000 crore plan and more payment to Standard Chartered Bank. The decision would be arrived at only by Friday, the counsel told NCLAT.

Even after the decision, it could take another week for the payment to