NCLAT may ask Arcelor to deposit Essar bid amount of Rs 42,000 cr on Apr 23

NCLAT had on March 20 asked the resolution professional of Essar Steel to call a fresh meeting of the CoC to consider the redistribution of funds from ArcelorMittal's resolution plan

Essar Steel India's debt resolution inched closer to finality as the National Company Law Appellate Tribunal (NCLAT) on Tuesday said it might ask ArcelorMittal to deposit the bid amount of Rs 42,000 crore in a separate bank account or with the Ahmedabad Bench of the NCLT or the appellate tribunal itself.

The NCLAT may ask ArcelorMittal to deposit this sum on April 23, the next date of hearing, said a two-judge Bench of the appellate tribunal, led by Chairperson Justice S J Mukhopadhaya. Before that, the Bench said ArcelorMittal would submit an affidavit detailing the steps needed to be taken