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NCLT clears ArcelorMittal led consortium's bid for Essar Steel

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.”


Essar spokesperson said “We continue to believe that our settlement proposal of INR 54,389 crore is the most compelling one available to Essar Steel creditors and fulfills the IBC’s declared overriding objective of value maximization, which has been established time and again by courts at all levels. We are also confident of the legal validity of our said offer made under Section 12A, which provides for the withdrawal from the IBC process by making full payment to the creditors. We are awaiting a copy of the NCLT order, and will take a call on next steps after examining the same.”

The takeover proposal of ArcelorMittal for the steel company was approved by the Essar Steel’s Committee of Creditors in October 2018 and it was pending before the NCLT for the final approval since then.
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