With lenders picking ArcelorMittal for Essar Steel takeover, the debt-laden company Friday said the committee of creditors should consider the Rs 54,389 crore offer made by promoters to clear all outstanding dues as it offers maximum value to all stakeholders and cannot be ignored citing some process lacunae. A company spokesperson said Section 12A of the Insolvency and Bankruptcy Code (IBC) that allows withdrawal of insolvency proceedings subject to approval by 90 per cent of the creditors and the National Company Law Tribunal (NCLT), was introduced in June 2018 and it was subsequently clarified through regulations that such an offer to withdraw should be made prior to floating of expression of interest (EoI) seeking bids for delinquent company.
Promoter’s offer should not be ignored for process lacunae: Essar Steel
