2019-03-11
Mar. 11, 2019 - Ahmedabad bench of the National Company Law Tribunal has approved ArcelorMittal’s INR 42,000 crore resolution plan for Essar Steel. NCLT said it cannot impose judicial view over banks’ wisdom. However, asking the Committee of Creditors to reconsider distribution of dues, NCLT has suggested the lenders to give 15% of total offer to operational creditors. ArcelorMittal said “We welcome today’s pronouncement by the NCLT Ahmedabad. While we will need to review the full written order once it becomes available, we hope to complete the transaction as soon as possible.”
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