SC orders status quo on funds payout in Essar Steel insolvency case

ArcelorMittal's entry in to India could be delayed; SC asks NCLAT to expedite hearing in the issue

ArcelorMittal’s entry into India’s steel market could be delayed further after the Supreme Court on Friday ordered the status quo on the distribution of funds among operational and financial creditors from the Luxembourg-based firm’s Rs 42,000-crore resolution plan for Essar Steel India. The apex court also asked the National Company Law Appellate Tribunal (NCLAT) to expedite hearing in the matter.

A two-judge Bench, led by Justice Rohinton F Nariman, was hearing a bunch of petitions moved by the committee of creditors (CoC) of debt-laden Essar Steel. The CoC challenged a direction of the NCLAT asking the resolution professional (RP) to call