NCLAT directs fresh Essar Steel CoC meet on funds distribution

Appellate tribunal refuses to stay implementation of Arcelor's plan

The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked the resolution professional of Essar Steel India to call a fresh meeting of the committee of creditors (CoC) of the company to consider the redistribution of funds from ArcelorMittal’s Rs 42,000-crore resolution plan.

The NCLAT was hearing an appeal moved by Standard Chartered Bank (StanChart), which has alleged that the CoC treated the bank’s claim in a discriminatory manner by giving it only 1.7 per cent of its total admitted dues from Essar Steel, while other financial creditors had got over 85 per cent of their dues. StanChart had also