[Breaking] Essar Steel: NCLAT approves ArcelorMittal's resolution plan, modifies distribution of money

Aditi Singh July 4 2019
Essar Steel

The National Company Law Appellate Tribunal (NCLAT) today approved ArcelorMittal's resolution plan for Essar Steel.

The Appellant Tribunal has, however, modified the distribution of Rs 42,000 crore promised in the resolution plan amongst Essar Steel's financial and operational creditors.

Holding that there could be no classes of financial creditors on the basis of being secured and unsecured, the NCLAT directed that all financial creditors having a claim amount of over Rs 1 crore would be entitled to 60.7% of . . .

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