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NCLAT gives conditional nod to ArcelorMittal’s resolution plan for Essar Steel-The 20th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
3/20/2019 Stainless Steel Exhibition |
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A two-member bench, headed by justice SJ Mukhopadhaya, said the acceptance of the resolution plan submitted by ArcelorMittal will be subject to its final order in the appeal filed by the Essar Steel promoters and Standard Chartered against the move. It also said there is no stay on disbursal of the funds among financial and operational creditors of Essar Steel. Bench said “We are not going to interfere with the approved resolution plan. There will be no setting aside of the approved order on the ground of discrimination in the distribution of funds. If there is indeed any discrimination, we will redistribute it.”
The NCLAT will hear the matter again on March 27.
To deal with the issue of discrimination, the NCLAT said it would deal with some questions pertaining to law like, whether a guarantor could be grouped in the same bracket as that of a financial creditor and whether a distinction could be made in the categorization on the basis of related or non-related party among operational creditors -The 20th China(Guangzhou)Int'l Stainless Steel Industry Exhibition - Stainless Steel exhibition,2019 Stainless Steel exhibition, China Stainless Steel exhibition, Guangzhou Stainless Steel expo,Guangzhou Stainless Steel exhibition, 2019 Stainless Steel expo, China Stainless Steel expo
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