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Motilal Oswal
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Ruia, Essar Steel directors move NCLT to squash ArcellorMittal's bid

Updated : February 04, 2019 11:09 PM IST

The new petition before the National Company Law Tribunal (NCLT) here was moved on February 1 by former managing director of Essar Steel Dilip Oommen along with its project director Rajiv Kumar Bhatnagar, as well as Ruia.
This fresh move by the Essar Steel directors came after the NCLT-Ahmedabad had on January 29 rejected the debt settlement proposal put forth by the Essar Steel Asia Holdings despite it being much higher at Rs 54,389 crore than the former's Rs 42,000-crore bid, citing the January 31 Supreme Court judgement in the Ruchi Soya case.
Ruia, Essar Steel directors move NCLT to squash ArcellorMittal's bid
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