ArcelorMittal moves NCLAT to expedite NCLT hearing on Essar Steel
ArcelorMittal has moved the National Company Law Apellate Tribunal (NCLAT) to expedite the hearing on the auction of Essar Steel. The LN Mittal company, whose bid has got the backing of Essar Steel lenders, is in a race with the Ruias, who made a last minute offer for their insolvent steel company.
The Ahmedabad bench of National Company Law Tribunal (NCLT) is hearing cases, including the one pertaining to the maintainability of the bid given by the Ruia company, Essar Steel Asia Holdings. The NCLT also needs to give its stamp to the Rs 42,000-crore proposal from ArcelorMittal. The bid has been cleared from the bankers and needs approval from the Tribunal.
ArcelorMittal’s move will add pressure on the NCLT, which has already been instructed by the Apellate Tribunal to give a verdict by January 31.
The NCLAT is expected to hear ArcelorMittal’s submission later on Wednesday.
The Ruia family, in a last-minute entry into the race, submitted a bid of Rs 54,000 crore. The NCLT is also hearing cases filed by Essar Steel’s operational creditors, who want their claims to be considered in the bids submitted