Essar Steel resolution may take time; deadline could extend beyond 270 days

Litigation and challenges leading to delay, deadline could extend beyond 270 days

The resolution process for Essar Steel could get extended beyond the 270-day deadline of April 29, a source close to the matter told Business Standard, especially due to the litigation and challenges put up by ArcelorMittal before the National Company Law Tribunal’s (NCLT’s) Ahmedabad Bench.
 

Last month, the Hyderabad Bench of the NCLT ordered the exclusion of 87 days from the 270-day deadline due to the time consumed because of litigation in the Deccan Chronicle Holdings case.

Essar Steel is one of 12 large stressed asset accounts referred by the Reserve Bank of India (RBI) to the NCLT for resolution