State-run gas utility GAIL (India) and Gujarat Energy Transmission Corp (GETCO) have moved the National Company Law Tribunal (NCLT), seeking rejection of ArcelorMittal's Rs 42,000-crore takeover plan for Essar Steel, saying operational creditors have been left out in the proposal.
Last month, a committee of Essar Steel lenders picked ArcelorMittal's Rs 42,000-crore proposal to take over the debt-laden company by paying Rs 41,987 crore out of total dues of Rs 49,395 crore of financial creditors. Operational creditors, under the plan, are to get just Rs 214 crore against the outstanding of Rs 4,976 crore.
Aggrieved by ArcelorMittal's resolution plan, GAIL and GETCO filed separate interlocutory applications in the Ahmedabad-bench of NCLT saying they have claims of over Rs 1,800 crore against Essar Steel India, which are not being fully cleared.
GAIL in the November 16 application said it has a claim of Rs 907.20 crore towards non-offtake of gas that it had signed for under a take or pay agreement. Of this, about Rs 125 crore has already been admitted in the list of creditors of the company.
"The resolution plan submitted is in contravention of Section 30 (2) of Insolvency and Bankruptcy Code (IBC) 2016. That even otherwise resolution plan is neither legal nor proper in the interest of all creditors," it said, calling the resolution plan "arbitrary, irrational, illogical that puts in jeopardy the interest of operational creditors."