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Essar Steel says Rs 54,389 crore offer by its shareholders superior to Rs 42k crore proposal of ArcelorMittal

Updated : January 23, 2019 04:24 PM IST

The statement came on a day when the National Company Law Appellate Tribunal (NCLAT) asked the Ahmedabad-bench of the company law court to pass an order on the proposal of Essar Steel's financial creditors to give ArcelorMittal control of the company, which they had auctioned to recover unpaid loans.
ArcelorMittal had offered to pay creditors Rs 42,000 crore to takeover Essar Steel that faced insolvency proceedings to recover Rs 50,800 crore of unpaid loans.
Essar Steel says Rs 54,389 crore offer by its shareholders superior to Rs 42k crore proposal of ArcelorMittal
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