 "NCLT okays ArcelorMittal's Rs 42,000-crore offer to take over Essar Steel")
Reiterating its claim that the Essar Steel’s Committee of Creditors (CoC) had treated it unfairly, Standard Chartered Bank (StanChart) on Monday told the National Company Law Appellate Tribunal that lenders had accepted Rs 39,500 crore from ArcelorMittal instead of Rs 42,000 crore-bid, as approved earlier.
During the hearing on Monday, StanChart alleged that the CoC had clubbed the debt of Odisha Slurry Pipeline Limited with Essar Steel in the auction to recover unpaid loans, which would in effect reduce the up-front payment to be made by ArcelorMittal. This in turn, Senior Advocate Kapil Sibal appearing for StanChart said, would mean
