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Ex-Essar Steel directors approaches NCLT against ArcelorMittal takeover

Standard Chartered Bank has also approached the appellate tribunal against the order

Press Trust of India  |  New Delhi 

NCLT okays ArcelorMittal's Rs 42,000-crore offer to take over Essar Steel

Three directors of erstwhile board of on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed takeover of the company by

The matter was mentioned before a two-member bench headed by Chairman Justice S J Mukhopadhaya, which asked it to be listed after the Ahmedabad bench of the National Company Law Tribunal (NCLT) posts its full written order.

The three directors of are - Prashant Ruia, and

Standard Chartered Bank has also approached the appellate tribunal against the order.

On Friday, the Ahmedabad bench of the had approved the lenders' plan to let global steel giant take over the debt-idden

Passing an order, the tribunal had suggested that the payment of Rs 42,000 crore by be distributed among financial and operational creditors in the ration of 85:15.

The detailed written order of the Ahmedabad bench is still awaited.

First Published: Mon, March 11 2019. 17:15 IST
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