NCLAT to Hear Essar Case Daily

The National Company Law Appellate Tribunal (NCLAT) has decided to hear the Essar Steel insolvency case dispute on a daily basis for an early resolution, The Hindu Business Line reported. ArcelorMittal, the winning bidder, has been fighting to takeover the steel company for over one-and-half year but there is no sign of a resolution yet. Arguing on behalf of Essar Steel’s financial creditor Standard Chartered Bank (SCB) on Monday, senior advocate Kapil Sibal said ArcelorMittal’s bid is only ₹39,500 crore rather than ₹42,000 crore as claimed by the company in the Supreme Court. Sibal said ArcelorMittal has carved out ₹2,500 crore from the bid for working capital which should have ideally gone to the financial creditors. Moreover, the truncated four-member committee of creditors privately negotiated with ArcelorMittal to get a slurry pipeline, which was not even part of Essar Steel’s asset. Read more