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NCLT to decide Ruia's offer for Essar Steel by January 31

Updated : January 07, 2019 10:12 PM IST

The Ahmedabad bench of the National Company Law Tribunal (NCLT) will pronounce its order on offer made by Ruia Steel for Essar Steel before January 31.

The bench has completed hearing on the maintainability of Ruia's offer for Essar Steel. The tribunal has given the respondents a week to make their submissions.

NCLT will also decide on a petition filed by Essar Steel for submission of its proposal to settle dues worth Rs 54,389 crore.

Essar Steel lenders led by State Bank of India had filed an application with the NCLAT seeking early approval of the resolution plan.

The case has been running for about 500 days as against a maximum of 270 days allowed for a resolution under the Insolvency and Bankruptcy Code.
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