New Delhi: The National Company Law Appellate Tribunal (NCLAT) Wednesday directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.
A two-member bench of NCLAT, headed by Justice SJ Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) does not pass any order by 31 January, then it would call the matter and pass an order accordingly on the next date of hearing.
The appellate tribunal has directed to list the matter on 4 February for next hearing.
“We allow designated authority (NCLT) to pass appropriate orders by next date, failing which this appellate tribunal will decide,” said NCLAT.
The matter is listed before the Ahmedabad bench of NCLT on 31 January for hearing.
The appellate tribunal was hearing an application filed by the CoC seeking an early decision.
Earlier on 3 January, NCLAT had asked the Ahmedabad bench of NCLT to expeditiously take a final decision in the Essar Steel insolvency case, where ArcelorMittal emerged as the highest bidder.
It had asked the NCLT bench to take an early decision in the matter as per the order passed by the Supreme Court in this regard.
To keep watching India’s No. 1 English Business News Channel – CNBC-TV18, call your Cable or DTH Operator and ask for the Colors Family Pack (inclusive of 24 channels), available for Rs. 35/- per month, or subscribe to the channel for Rs. 4/- per day.
To keep watching the Leader in Global Market & Business News – CNBC-TV18 Prime HD, call your Cable or DTH Operator and ask for the Colors Family HD Pack (inclusive of 25 channels), available for Rs. 50/- per month, or subscribe to the channel for Rs. 1/- per day.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jan 23, 2019 12:22:14 IST