Essar Steel's operational creditors move NCLT against ArcelorMittal

ArcelorMittal has emerged the highest bidder for Essar Steel, but it has not included operational creditors in its debt resolution plan to creditors.

Operational creditors (OC) of Essar Steel on Tuesday moved the Ahmedabad bench of National Company Law Tribunal (NCLT) for recovering dues worth more than Rs 3.74 billion.

Single-operational-creditor Orissa Stevedores Ltd and a set of 27 operational creditors filed two petitions under section 60(5) of Insolvency and Bankruptcy Code (IBC).

Ideal Movers Private Limited, Kamaljeet Ahluwalia, Arfin India Limited, Sakar Industries Private Limited, and Apex Commodities have asked the bench to "pass directions" to the Committee of Creditors (CoC) to ask the resolution applicant ArcelorMittal to match up the offer contemplated under the settlement proposal of Essar Steel Asia Holding Limited.

 ArcelorMittal has