INSUBCONTINENT EXCLUSIVE:
MUMBAI: The committee of creditors in the Essar Steel bankruptcy case has sought the dismissal of two applications that could potentially
delay debt resolution at the stressed steelmaker, for which ArcelorMittal has been chosen the winner by the lenders.
The interlocutory
knowledge.
The committee has also sought day-to-day hearing of other such applications, filed by operational creditors
dues worth more than Rs 600 crore
ET has reviewed the detailed application filed by the lenders.
Jalesh Grover is the resolution professional of GPI Textiles, and is
represented by Nipun Singhvi, an Ahmedabad-based lawyer.
Essar Steel promoters also filed a caveat earlier this week, which works as a legal
the CoC application.
The 15-month-long battle for Essar Steel had seemed to reach a conclusion when the lenders almost unanimously voted in
favour of ArcelorMittal's resolution plan on October 25
The plan promised Rs 42,000 crore to creditors on outstanding debt of Rs 49,000 crore as well as an additional Rs 8,000 crore infusion in
the company, taking the total offer to Rs 50,000 crore.
However, hours later, the Essar Steel promoters made a Rs 54,000-crore counter offer
an expeditious and time-bound manner so that the Plan Application and other related aspects/objections with respect to maintainable
heard on November 28 by the NCLT.
