NCLT gives 1 year time to ArcelorMittal for seeking approvals [Read Order]

Bar & Bench March 14 2019
Essar Steel

The NCLT while approving ArcelorMittal's resolution plan has made some observations on the treatment of creditors and statutory concessions.

Bulk of 160-page order quotes precedents for justifying its stance. The order disposes of several applications, most of which deal with claims made by various creditors. Among them, Standard Chartered Bank, a dissenting financial creditor got some relief. It sought to quash the resolution that approved the resolution plan, and in the alternative, receive equitable treatment under the resolution plan.  It was stated that SCB got only 1 . . .

This content is restricted to subscribers