January 30, 2021
Dues Of Operational Creditors
You can not discriminate among operational creditors on the basis of their
dues," the NCLAT said.The CoC of Essar Steel has divided operational creditors
of the company into two types -- one with claims under Rs 1 crore and another
above Rs 1 crore.According to a notice published earlier, the total dues of
operational creditors with below Rs 1 crore claim is only around Rs 200 crore
and the dues of operational creditors with above Rs 1 crore claim stood at Rs
4,900 crore.
According to the resolution plan of ArcelorMittal approved by CoC on
October 24, 2018, operational creditors having claims below Rs 1 crore will get
their dues and those with claims of over Rs 1 crore will receive almost
zero."Moreover, the offer of additional Rs 1,000 crore given to the additional
creditors has no meaning in law, as it requires equal treatment to financial and
operational creditors," he said..The NCLAT would continue the hearing in the
matter on Wednersday.
We have said that you cannot discriminate among the same set of
creditors.During the proceedings, the NCLAT bench headed by Chairman Justice S J
Mukhopadhaya said that the operational creditors cannot not be treated
differentially.According to advocate Anand Verma, who is representing
operational creditors, the banks, which are financial creditors, are getting
almost 90-92 per cent Wholesale
8.8 DIN603 ZINC CUP HEAD SQUARE NECK BOLT of their dues.
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