February 01, 2021
The Distribution Of The Arcelor
The bench was hearing a plea of the Committee of Creditors challenging NCLATs
order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led
ArcelorMittals Rs 42,000 crore bid for the acquisition of Essar Steel after it
rejected a plea by the lead shareholder of the debt-laden firm challenging the
eligibility of the bidder.
Essar Steel was auctioned under the new Insolvency and
Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial
lenders and operational creditors..New Delhi: The Supreme Court on Monday
ordered status quo as of today in the Essar insolvency case.
The National Company
Law Appellate Tribunal (NCLAT), however, gave operational creditors equal status
as lenders in the distribution of the ArcelorMittals bid amount among the
creditors of Essar Steel. A bench headed by Justice R F Nariman said the
monitoring committee will continue Hexagon bolt
Manufacturers its work till the case is heard on August 7.
Posted by: rewflangonc at
06:11 AM
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