NCLAT gives conditional nod to ArcelorMittal's Rs 42k-cr Essar Steel plan

The bench said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company

The National company Law Appellate Tribunal (NCLAT) on Monday gave a conditional approval to Rs 42,000 crore resolution plan of ArcelorMittal for debt-ridden Essar Steel saying it will be subject to its final order in the appeal filed by the promoters.

A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.

"The resolution professional will be the chairperson of the monitoring committee and will act in accordance with law to ensure that the company is a going concern," the