Three Essar Steel directors approach NCLAT against takeover of the company by ArcelorMittal

Three directors of the erstwhile board of Essar Steel on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed the takeover of the company by ArcelorMittal

Press Trust of India March 11, 2019 17:17:20 IST
Three Essar Steel directors approach NCLAT against takeover of the company by ArcelorMittal
  • The three directors of Essar Steel are - Prashant Ruia, Dilip Oommen and Rajiv Bhatnagar

  • Standard Chartered Bank has also approached the appellate tribunal against the order

  • On Friday, the Ahmedabad bench of the NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over the debt-idden Essar Steel

New Delhi: Three directors of the erstwhile board of Essar Steel on Monday approached the National Company Law Appellate Tribunal (NCLAT) against a lower bankruptcy court order that allowed the takeover of the company by ArcelorMittal.

The matter was mentioned before a two-member bench headed by Chairman Justice S J Mukhopadhaya, which asked it to be listed after the Ahmedabad bench of the National Company Law Tribunal (NCLT) posts its full written order.

Three Essar Steel directors approach NCLAT against takeover of the company by ArcelorMittal

Representational image. Reuters.

The three directors of Essar Steel are - Prashant Ruia, Dilip Oommen and Rajiv Bhatnagar.

Standard Chartered Bank has also approached the appellate tribunal against the order.

On Friday, the Ahmedabad bench of the NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over the debt-idden Essar Steel.

Passing an order, the tribunal had suggested that the payment of Rs 42,000 crore by ArcelorMittal be distributed among financial and operational creditors in the ratio of 85:15.

The detailed written order of the Ahmedabad bench is still awaited.

Updated Date:

also read

Jet Airways crisis: Dutch bankruptcy administrator moves NCLAT; next hearing on 21 August
Business

Jet Airways crisis: Dutch bankruptcy administrator moves NCLAT; next hearing on 21 August

Dutch bankruptcy administrator on Friday moved the National Company Law Appellate Tribunal (NCLAT) on the Jet Airways matter, which has agreed to hear the case here

NCLAT reserves order on petitions against ArcelorMittal's Rs 42,000-crore takeover bid of Essar Steel
Business

NCLAT reserves order on petitions against ArcelorMittal's Rs 42,000-crore takeover bid of Essar Steel

A two-member bench asked all parties, including ArcelorMittal, to file their written submissions over their submissions by Wednesday

Company law appellate tribunal agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case
Business

Company law appellate tribunal agrees to hear NuMetal, ArcelorMittal petition in Essar Steel case

Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year