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SC Maintains Status Quo, Leads To Furter Strech In The Time Span Of Arcelormittal Essar Steel

Courtesy/By: Mariya Paliwala | 14 Apr 2019

The SC bench headed by Justice Rohinton Fali Nariman ordered the parties to maintain status quo on the order passed by National Company Law Tribunal (NCLT) in the matter concerning Essar Steel. The lower court ruling which states that ArcelorMittal has to pay Rs. 42,000 crore in the next two weeks to Essar, was kept on temporary halt by the apex court.

Moreover, the court directed the NCLAT to dispose of the case expeditiously. Perhaps it is getting difficult for the committee of creditors, which was unable to come to a conclusion with the Standard Chartered Bank and Operational Creditors that in what ways does the resolution amount must be modified to increase the latter’s share of the payout.

However, the committee of creditors headed by SBI has not agreed on altering the resolution plan so as to increase the payout. Moreover, the status quo order of SC directly implies that the financial creditors will not see their settlement come through until NCLAT finalizes how the amount must be divided.

The largest resolution in the Insolvency and Bankruptcy Code will be that ArcelorMittal, is in a joint venture with Japan’s Nippon Steel & Sumintomo Metal Corp. Ltd. has offered upfront cash settlement of Rs. 42,000 crore to all the lenders and Rs. 8000 crore capital into the plant.

Therefore the resolution plan for Essar Steal was dragged on for about more than 2 years and now has been mired in litigation at every step.

Courtesy/By: Mariya Paliwala | 14 Apr 2019