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The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday concluded the hearing on the ₹42,000-crore ArcelorMittal resolution plan for the distressed Essar Steel India Ltd (ESIL), but reserved its judgement.
The two-judge bench comprising members Harihar Prakash Chaturvedi and Manorama Kumari asked all sides, including applicant ArcelorMittal, the Committee of Creditors and the Resolution Professional (RP), to make written submissions by February 18.
The case marks a landmark for the Insolvency and Bankruptcy Code (IBC). Essar Steel was put on the first list of 12 top corporate defaulters referred for insolvency proceedings. However, the long-drawn litigation over 18 months in the case has meant that the 270-day time frame for resolution has been breached.
On Thursday, the hearing concluded after the counsels for Essar Steel’s RP, the CoC and ArcelorMittal made their final arguments.
The tribunal also reserved its order on pleas by operational creditors, unsecured lender Standard Chartered Bank and firms seeking operational claims in the interim of corporate insolvency resolution process.
ArcelorMittal’s plan, which was approved by a majority of the CoC, is pending NCLT approval.
Counsel appearing for the RP said, “We have seen the plan, verified it and demonstrated before the tribunal that it is in compliance with the norms under the IBC as well as the Supreme Court’s directions.”
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