Three former Essar Steel directors move NCLAT against NCLT order

Dissenting financial creditor Standard Chartered also moves NCLAT challenging NCLT's Friday order

Three former directors of Essar Steel namely Prashant Ruia, Dilip Oommen, and Rajiv Bhatnagar have approached the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) Ahmedabad’s order approving ArcelorMittal’s resolution plan for debt-ridden Essar Steel.

Apart from the directors, dissenting financial creditor Standard Chartered has also moved the NCLAT against the Friday judgement of the NCLT. It has alleged that the Committee of Creditors (CoC) of Essar Steel had made wrong usage of its voting rights to keep out financial creditors such as Standard Chartered. This, the bank alleged, led to a reduction in its dues