Thursday, September 29, 2022

SC orders status quo to be maintained in Essar Steel insolvency case

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New Delhi: The Supreme Court ordered status quo to continue in the Essar insolvency case on Monday as a bench headed by Justice RF Nariman said that the monitoring committee will continue its work till the case is heard on August 7.

The SC is hearing a plea challenging Arcelor Mittal’s bid

The apex court is hearing a plea filed by Essar’s Committee of Creditors (CoC) against the National Company Law Appellate Tribunal’s (NCLAT) July 4 order in which it gave a nod to Lakshmi Mittal-led ArcelorMittal’s Rs 42,000-crore bid to acquire Essar Steel after it rejected a plea by the lead shareholder of the debt-ridden firm challenging the eligibility of the bidder.

The NCLAT had, however, given equal status to both operational creditors and lenders in the distribution of Arcelor Mittal’s bid amount among Essar’s creditors.
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The backdrop

Essar Steel is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) as operational creditors and financial lenders look to recover dues to the tune of Rs 54,547 crores.

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