The committee of creditors (CoC) to insolvent Essar Steel argued before the bench here of the National Company Law Tribunal that the offer made by the company’s promoters, the Ruias, was not maintainable and wanted it dismissed Their counsel, Ravi Kadam, also requested day-to-day hearing of the matter. The case was deferred to December 10, as one of two on the bench was on leave. The Ruias had made a Rs 543-billion settlement offer the day the lenders voted in favour of ArcelorMittal’s Rs 420-billion offer. The offer was to take the company out of bankruptcy. Arcelor counsel Abhishek Singhvi argued the company had been issued a letter of intentby the lenders after it had cleared all the dues. In line with a SC order, Arcelor had cleared dues of Rs 74.7 billion on account of Uttam Galva Steels and KSS Petron, both classified as non-performing assets for more than a year, to become an eligible bidder for Essar.
Essar Steel lenders argue against promoter Ruias’ offer, want it dismissed
