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The next hearing on matter by Ahmedabad Bench is on January 31.New Delhi: Hearing an appeal by ArcelorMittal for early resolution of bankrupt Essar Steel, National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered its Ahmedabad Bench to pass verdict in case by January 31.
Failing which, two-member bench of NCLAT headed by Justice SJ Mukhopadhyay said it would call matter and pass an order at its next hearing. The appellate tribunal has asked for matter to be listed for next hearing on February 4.ArcelorMittal's Rs 42,000 crore resolution plan was approved by Committee of Creditors (CoC) to Essar Steel last October and has been waiting for Ahmedabad NCLT's approval. The next hearing on matter by Ahmedabad Bench is on January 31. However, Ahmedabad Bench has also to decide on maintainability of Rs 54,000 crore bid by Essar Steel's arm Essar Steel Asia Holdings after CoC approved ArcelorMittal's bid. The Essar Group has sought withdrawal of insolvency proceedings saying its bid will take care of all creditors, including operational creditors.Earlier too, NCLAT, on being approached by CoC on January 3, had asked NCLT bench to take an early decision in accordance with law. During last hearing of case at NCLT Ahmedabad on January 7, a two-member bench had reserved its judgement on maintainability of Essar Steel arm's plea seeking withdrawal from resolution process and offered to pay Rs 54,389 crore for settlement to retain control of company.In its next hearing on January 31, Ahmedabad Bench is likely to pass an order on same as well as take-up applications of other operational creditors during same hearing.
Business
Tribunal Orders Ahmedabad Bench To Pass Essar Steel Verdict By January 31
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