NCLAT reserves order ontakeover of Essar Steel

An appellate tribunal has reserved a final order on appeals against Arcelor Mittal's Rs 42,000 crore resolution plan for debt laden Essar Steel. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) led by justice SJ Mukhopahdaya asked all parties to file final written submissions by Wednesday. The NCLAT is hearing appeals against the acceptance of the resolution plan on multiple grounds including, discriminatory distribution among financial creditors, , alleged ineligibility of Arcelor Mittal and discriminatory treatment towards operational creditors.