The National Company Law Appellate Tribunal on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittals 42,000-crore bid for the acquisition of bankrupt Essar Steel.
Resolution plan tweaked
The tribunal, however, modified the Resolution Plan submitted by ArcelorMittal to safeguard the rights of the operational creditors and other financial creditors of Essar Steel. It said the proceeds of the sale were to be shared among the creditors.
A Corporate Insolvency Resolution Process was initiated in 2017 against debt-ridden Essar Steel Limited to recover 54,547 crore of unpaid dues to financial lenders and operational creditors. The tribunal also clarified that any profits of Essar Steel generated during the pendency of the insolvency pr…
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