Essar Steel: NCLAT to rule on pleas

The NCLAT on Wednesday reserved its order on the petitions filed by ArcelorMittal and Russia’s VTB Capital-backed Numetal over issues pertaining to eligibility of their bids for taking over debt-ridden Essar Steel.

A two-member NCLAT bench headed by Chairman S.J. Mukhopadhaya has asked both the resolution applicants to file written submissions by Monday.

The National Company Law Appellate Tribunal concluded hearings on the petitions challenging their disqualification in the first round of bids. On May 22, NCLAT had ordered status quo on insolvency proceedings of Essar Steel following the petitions.

Source: Read Full Article