Conclude Essar Steel insolvency case by January 31: NCLAT to NCLT

Essar says CoC should not be forced to accept resolution plan which undervalues the company

The National Company Law Appellate Tribunal (NCLAT) has asked the Ahmedabad Bench of the National Company Law Tribunal (NCLT) to give its decision on the Essar Steel insolvency case by January 31.
 
Or else, it said on Wednesday it would itself give an order on the case on February 4.
 
The NCLT Bench in Ahmedabad had reserved its order on a maintainability plea moved by the erstwhile promoters of Essar Steel.
 
They had offered to settle all the debt but this came well after a bid from ArcelorMittal, the global giant, had been accepted.
 
The promoters