NCLAT gives conditional nod to ArcelorMittal's resolution plan for Essar Steel

Aditi Singh March 18 2019

The National Company Law Appellate Tribunal today gave a conditional nod to ArcelorMittal's resolution plan for debt-ridden Essar Steel.

Stating that there was no stay on the ArcelorMittal's resolution plan, the Appellate Tribunal directed for the constitution of a Monitoring Committee to "ensure that Essar Steel remains a going concern".

The Committee would be headed by the Resolution Professional who would implement ArcelorMittal's Resolution Plan in accordance with law.

The implementation . . .

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