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Business Companies 10 Apr 2019 ArcelorMittal may be ...

ArcelorMittal may be asked to deposit Rs 42,000 crore for Essar Steel

FC INVESTIGATIVE BUREAU
Published Apr 10, 2019, 1:25 am IST
Updated Apr 10, 2019, 1:25 am IST
The bench also said the original plan approved by the NCLT-Ahmedabad has to be implemented.
A two-member bench headed by Chairman Justice S.J. Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account before the NCLAT or the NCLT Ahmedabad-bench.
 A two-member bench headed by Chairman Justice S.J. Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account before the NCLAT or the NCLT Ahmedabad-bench.

New Delhi: In yet another twist to the Essar Steel tale, the National Company Law Appellate Tribunal (NCLAT) on Tuesday said it might direct global steel major ArcelorMittal to deposit the Rs 42,000-crore bid amount for acquiring the company in a separate account during the next hearing on April 23.

A two-member bench headed by Chairman Justice S.J. Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account before the NCLAT or the NCLT Ahmedabad-bench.

 

The bench also asked that ArcelorMittal India, the successful resolution applicant, would file an affidavit for implementation of the plan. “The appellate tribunal may direct the successful resolution applicant to deposit money in one or another account in the next date of hearing,” it said.

The bench also said the original plan approved by the NCLT-Ahmedabad has to be implemented. The bench directed the operational creditors and financial creditors of Essar Steel to file next week a chart detailing their claims approved by the resolution professional and the CoC.

“Financial creditors and operational creditors are allowed to file one-page affidavit giving details of their claims approved by resolution professional and its percentage,” it said.

Moreover, it has also asked the Gujarat State Tax Department to file an affidavit on its claims. The NCLAT was hearing a batch of petitions filed by operational creditors, Gujarat State Tax Department and others.

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Location: India, Delhi, New Delhi




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