Standard Chartered Bank moves NCLT in Essar Steel takeover case

The bank, which has over 7.5 per cent weight in committee of Essar Steel creditors, claimed details of ArcelorMittal's revised bid of Rs 420 billion was not circulated along with the meeting's agenda

File photo of a woman walking down the stairs of the Standard Chartered headquarters in Hong Kong. (Photo: Reuters)

Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to take over debt-ridden Essar Steel, saying the decision was “illegal” and was taken without considering its claims.   Standard Chartered Bank (SCB), which has more than 7.5 per cent weight in the Committee of Essar Steel Creditors, in the petition before the National Company Law Tribunal (NCLT) claimed that ArcelorMittal’s revised bid of Rs 420 billion was never considered by the CoC.   SCB had lent Essar Steel, which the ...