New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday reserved its order over a batch of petitions against ArcelorMittal’s Rs 42,000-crore take over bid for Essar SteelThe National Company Law Appellate Tribunal (NCLAT) on Tuesday reserved its order over a batch of petitions against ArcelorMittal’s
Rs 42,000-crore take over bid for Essar SteelThe National Company Law Appellate Tribunal (NCLAT) on Tuesday reserved its order over a batch of petitions against ArcelorMittal’s Rs 42,000-crore take over bid for Essar Steel as well as the distribution of funds among the creditors of the debt-ridden company.
A two-member bench headed by Chairman Justice S J Mukhopadhaya asked all parties, including ArcelorMittal, to file their written submissions over their submissions by Wednesday. During the proceedings, senior advocate Kapil Sibal appearing for Standard Chartered Bank, a secured creditor of Essar Steel, questioned the addition of working capital in the final resolution amount.
According to him, Rs 42,000 crore coming should not be touched and the profit made by Essar Steel should be left with the company only. “Working capital is revenue generated from going concern. It can not be added,” said Sibal adding, “ArcelorMittal cannot touch it. It’s not their money.”
