Reconsider proportion of distribution of money among creditors of Essar, NCLAT tells CoCMarch 20 2019
Reiterating that there is no stay on the approval granted to ArcelorMittal's resolution plan for Essar Steel, the NCLAT today clarified that the resolution plan has to be implemented "in the letter and spirit" of the order passed by the NCLT, Ahmedabad Bench.
Therefore, as suggested by the NCLT in its order, before disbursing the money, a meeting of the Committee of Creditors (CoC) will be called to reconsider the proportion of distribution of money among the financial and operational creditors of Essar Steel.
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