Essar Steel’s insolvency hearing ended on Thursday with the Ahmedabad bench of the National Company Law Tribunal reserving its judgement.
The bankruptcy court is expected to pronounce multiple orders, including the main one on whether ArcelorMittal’s bid is approved or the steelmaker is set for liquidation.
A two-judge bench of the NCLT didn’t set any date for delivering the judgement. The National Company Law Appellate Tribunal (NCLAT) had asked it to wrap up hearing by February 19 and pass the final orders by February 28.
On Thursday, the NCLT asked Karur Vysya BankNSE 1.48 % to make a written submission by Monday, after hearing its arguments.
Besides ArcelorMittal’s ?42,000-crore offer, the bench will also have to decide on an appeal filed by Standard Chartered Bank and another by Essar Steel’s directors led by the Ruias, the company’s promoters.
Standard Chartered had challenged the resolution plan approved by the committee of creditors and the resolution professional.
In that judgement, the apex court had ruled that the suspended board was required to be included in all deliberations by the committee of creditors, including the discussions of resolution plans which were to be voted upon.
