Essar Steel Insolvency: NCLAT Asks NCLT Ahmedabad To Take Decision By Jan. 31

The National Company Law Appellate Tribunal today directed the Ahmedabad bench of National Company Law Tribunal to pass an order on the insolvency resolution plan submitted by Essar Steel's resolution professional, in which ArcelorMittal emerged as the highest bidder.

A two-member bench of NCLAT, headed by Justice SJ Mukhopadhaya, said that if the Ahmedabad bench of NCLT does not pass any order by Jan. 31, then it would call the matter and pass an order accordingly on the next date of hearing.

The appellate tribunal has directed to list the matter on Feb. 4 for next hearing.

“We allow designated authority (NCLT) to pass appropriate orders by next date, failing which this appellate tribunal will decide,” the NCLAT said.

The appellate tribunal was hearing an application filed by the committee of creditors seeking an early decision.

Earlier on Jan. 3, NCLAT had asked the Ahmedabad bench of NCLT to expeditiously take a final decision in the Essar Steel insolvency case, where ArcelorMittal emerged as the highest bidder.

It had asked the NCLT bench to take an early decision in the matter as per the order passed by the Supreme Court in this regard.