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NCLAT may ask Arcelor to deposit Rs 42,000 cr bid amount for buying Essar

ArcelorMittal's resolution proposal provides financial creditors Rs 41,987 crore out of their total dues of Rs 49,395 crore

Press Trust of India  |  New Delhi 

ArcelorMittal to pay Rs 74.69 bn to creditors of Uttam Galva, KSS Petron
A two-member bench headed by Chairman Justice S J Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account either before the NCLAT or NCLT Ahmedabad-bench

The Tuesday said it may direct global to deposit Rs 42,000 crore bid amount for acquiring in separate accounts during next hearing on April 23.

A two-member bench headed by Justice S J Mukhopadhaya said that may have to deposit the money in a separate account either before the NCLAT or NCLT Ahmedabad-bench.

The bench also asked to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt ridden

"ArcelorMittal India, successful resolution applicant, would file an affidavit for implementation of plan," the bench said.

It further said, "The may direct the successful resolution applicant to deposit money in one or another account in next date of hearing".

The bench also said that the original plan approved by NCLT Ahmedabad has to be implemented.

The bench also directed the operational creditors and financial creditors of to file a chart next week, detailing their claims approved by resolution professional and CoC.

"Financial creditors and operational creditors are allowed to file one page affidavit giving details of their claims approved by RP and its percentage," it said.

Moreover, it has also asked the State Tax department to file an affidavit over its claims.

The NCLAT was hearing a batch of petitions filed by operational creditors, State Tax department and others.

ArcelorMittal's resolution proposal provides financial creditors Rs 41,987 crore out of their total dues of Rs 49,395 crore.

Operational creditors, under the plan, would get just Rs 214 crore against the outstanding of Rs 4,976 crore and are contesting before the NCLAT.

Essar Steel owns a 10-million-tonne at Hazira in

This was was among the first 12 cases selected by the to be resolved under the Insolvency and Bankruptcy Code (IBC).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, April 09 2019. 15:40 IST
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