Motilal Oswal
  • SENSEX
    NIFTY 50
Motilal Oswal
March 15, 2019 07:09 PM IST | Infrastructure

NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seek fresh distribution plan for bid amount

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.
NCLAT refuses stay on NCLT nod to ArcelorMittal plan; seek fresh distribution plan for bid amount
Published Date: Mar 15th, 2019 07:09 PM | Updated Date: March 15, 2019 07:09 PM IST
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV