The Supreme Court (SC) on Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to be heard by the National Company Law Tribunal (NCLT) before any decision was taken on ArcelorMittals bid for the company. The court also rejected their plea seeking a stay on the National Company Law Appellate Tribunals (NCLATs) order asking the NCLT Ahmedabad Bench to take a decision on ArcelorMittals bid by February 11.
Now, the NCLT will be able to decide the fate of ArcelorMittals bid quickly.
The court was of the opinion that the promoters of Essar Steel were acting through the operational creditors to delay the insolvency process. It said 571 days had passed since the inso…
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