Debt-laden Essar Steel invokes right to redeem as a shareholder

The holding firm challenged the non-maintainability claim against its debt settlement proposal worth Rs 543.89 billion on behalf of Essar Steel

“We have the right (which the Supreme Court has not ruled against) to settle Essar Steel's debt dues,” contends the insolvent entity’s holding company.
 
On Monday, at the National Company Law Tribunal (NCLT), it declared a right to do so as a shareholder, and challenged the non-maintainability claim against its debt settlement proposal worth Rs 543.89 billion on behalf of Essar Steel. The hearing continues on Tuesday.
 
Mihir Joshi, senior counsel of Essar Steel Asia Holding Ltd (ESAHL), invoked Section 60 (5) of the Insolvency and Bankruptcy Code (IBC). Doing so, he argued the recent Supreme Court (SC)