 "NCLT rejects Essar Steel’s operational creditors plea against Arcelor’s bid")
The National Company Law Tribunal (NCLT)-Ahmedabad on Thursday rejected debt-laden Essar Steel India’s (ESIL’s) operational creditors (OCs) plea against ArcelorMittal’s Rs 42,000-crore bid. It is seeking consideration of promoters Essar Steel Asia Holding’s (ESAHL’s) Rs 54,000-crore proposal.
Around eight OCs, including Orissa Stevedores, Signode India, and Timken India, among others, had filed a plea seeking quashing of Arcelor’s resolution plan and consideration of ESAHL’s proposal. However, in a common order, the two-member Bench, comprising adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari, rejected the same.
Led by the State Bank of India, the committee of creditors had approved
Around eight OCs, including Orissa Stevedores, Signode India, and Timken India, among others, had filed a plea seeking quashing of Arcelor’s resolution plan and consideration of ESAHL’s proposal. However, in a common order, the two-member Bench, comprising adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari, rejected the same.
Led by the State Bank of India, the committee of creditors had approved
