The dedicated bankruptcy court deciding the resolution of Essar Steel would likely give its verdict by January 31 after an appeals tribunal last week urged a speedy decision on the pending insolvency proceedings.
NCLT Ahmedabad is likely to pronounce the order on the “maintainability” of the settlement proposal by Essar Steel Asia Holdings (ESAHL) by January 31, the dedicated court, comprising judges Harihar Prakash Chaturvedi and Manorama Kumari, said Monday.
Earlier on January 2, the committee of creditors to Essar Steel, led by the State Bank of India NSE 0.46 %, filed an application at the National Company Law Appellate Tribunal (NCLAT) seeking the disposal of the insolvency case within the next three weeks.
On October 25, more than 92% of the creditors at Essar Steel voted in favour of a proposal by ArcelorMittal, which would be the new owner of the debt-laden steelmaker that had failed to repay thousands of crores to its creditors.
Source: Economic Times