NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seek fresh distribution plan for bid amount
Updated : March 15, 2019 07:09 PM IST
Essar Steel directors had challenged Ahmedabad-bench of National Company Law Tribunal's (NCLT) nod to global steel giant ArcelorMittal SA's bid for the debt-laden company on the plea that their offer of Rs 54,389-crore was superior as it clears 100 per cent outstanding of both financial and operational creditors.
Standard Chartered too moved the NCLAT against the plan as its counsel contended that the bank was being given only 1.7 per cent of its total dues from Essar Steel while other financial creditors, forming part of the CoC, were getting over 85 per cent of their dues.
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