INSUBCONTINENT EXCLUSIVE:
to deposit Rs 42,000 crore for acquisition of the insolvent Essar Steel in a separate account.The two-member bench, headed by Justice SJ
Mukhopadhaya, also directed ArcelorMittal to file an affidavit detailing the steps to be undertaken in the resolution plan of Essar
Steel.Arcelor told the NCLAT that it is ready to bring in money, but can't deposit it without the lenders executing a debt assignment
agreement in the favour of the company, adding that there is some reluctance on lenders' part to execute this agreement.The Delhi-based
appellate tribunal had approved ArcelorMittal's bid of Rs 42,000 crore on March 18, dismissing the Essar promoters Ruias' plea against the
approval of the NCLT's Ahmedabad bench to the bid.ArcelorMittal's resolution proposal for Essar Steel provides financial creditors Rs
41,987 crore out of their total dues of Rs 49,395 crore
Operational creditors, under the plan, would get Rs 214 crore against the outstanding Rs 4,976 crore
They are contesting this before the NCLAT.Essar Steel owns a 10-million-tonne steel mill in Hazira, Gujarat
It was was among the first 12 cases selected by the Reserve Bank of India to be resolved under the Insolvency and Bankruptcy Code.According
to reports, the company has recorded its best ever production at 6.8 million tonnes, higher by 10 per cent over the previous year and around
24 per cent in 2016-17.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
