The National Company Law Tribunal (NCLT) is set to hear all the caveats filed by the operational creditors and aggrieved parties together in the Essar Steel insolvency case starting November 28.
Apart from the three separate cases already filed against the ArcelorMittal resolution approved by Committee of Creditors, some operational creditors are planning to move NCLT when it reopens on Monday after the festival holidays, a source said.
Sizeable haircut
Some of the banks and operational creditors have to take substantial haircut if the CoC-approved ArcelorMittals plan is okayed by the NCLT, he added.
For instance, Indian Oil Corporation and Bharat Petroleum Corporation is set to lose about 4,000 crore, if the ArcelorMittal offer is accepted…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-to-take-up-essar-steel-insolvency-case-on-nov-28/article25428871.ece