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

Essar promoters may move NCLAT on Monday

In a major win for L N Mittal-led ArcelorMittal, the National Company Law Tribunal (NCLT) Ahmedabad on Friday approved its Rs 42,000-crore takeover bid for debt-laden Essar Steel India Ltd (ESIL).

Pronouncing the order by reading the operative part of it, the two-member Bench of adjudicating authorities — Harihar Prakash Chaturvedi and Manorama Kumari — also suggested a “better implementation” of Arcelor's resolution plan.

The tribunal suggested that instead of bagging 92 per cent under the proposed plan, financial creditors' share could be 85 per cent so that operational creditors might get 15 per cent instead of 8 per cent.

The tribunal also