What The Directors Want
The directors sought that the CoCs decision to back ArcelorMittal India Pvt. Ltd.s bid should be quashed and set aside. They also asked the NCLT to direct the resolution professional and the CoC to provide them with all documents necessary for deliberations and discussions during meetings.
But most importantly, the directors have asked the CoC and the resolution professional to conduct a fresh vote on plans submitted by prospective resolution applicants.
Essar Steels promoters have already lost a bid to settle more than Rs 54,000 crore debt in full and take their company out of the insolvency process. The Ahmedabad bench of the NCLT on Jan. 29 ruled that the right to withdraw from insolvency proceedings remains with …
Read the full article at: https://www.bloombergquint.com/business/ruias-strike-again-file-fresh-petition-against-essar-steel-insolvency-process