The National Company Law Appellate Tribunal (NCLAT) has granted a week more to the Ahmedabad’s bench of National Company Law Tribunal to pass its order regarding resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd worth Rs. 42,000-crores.
The bench headed by Justice SJ Mukhopadhaya has ordered the Ahmedabad bench of the NCLT to reach a conclusion in the matter by February 19. Earlier, NCLAT had instructed the Ahmedabad bench on February 4 to decide the on the verdict by February 11, failing which it would call the records and pass the order.
The NCLAT was hearing on the petition filed by ArcelorMittal, who had proposed a takeover of Essar Steel for Rs. 42,000 crores which have been accepted by the committee of creditors and is currently pending before the NCLT for approval.
Previously, on January 29, NCLT Ahmedabad rejected the debt settlement proposal put forth by the shareholders of Essar Steel, saying the offer violates Section 12A of the Insolvency and Bankruptcy Code.
