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Banks, ArcelorMittal oppose Essar Steel proposal

Updated : December 11, 2018 08:39 AM IST

Lender banks, as well as the Lakshmi Mittal-led ArcelorMittal, on Monday opposed the debt settlement proposal made by the shareholders of Essar Steel, claiming that it is against the Supreme Court order as well as the provisions of the Insolvency and Bankruptcy Code (IBC).
The same stand was taken by the resolution professional of bankrupt Essar Steel, saying it is "too late" for Essar Steel Asia Holding, which holds 72 percent shares in Essar Steel, to offer a settlement.
After taking into consideration the views by these parties during the hearing Monday, the Ahmedabad bench of the National Company Law Tribunal (NCLT), comprising adjudicating authority Manorama Kumari and Harihar Prakash Chaturvedi, kept further hearing on December 13.
Banks, ArcelorMittal oppose Essar Steel proposal

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