Essar Steel insolvency case: Lenders to gain more, Arcelor tells NCLT

ArcelorMittal told the two-members NCLT Bench contrary to the bank's claims its resolution plan was openly negotiated by members of the CoC to include an upfront payment of Rs 39,500 crore

Defending itself against Standard Chartered Bank from diluting its bid for Essar Steel, ArcelorMittal on Thursday told the National Company Law Tribunal’s Ahmedabad Bench that lenders would gain more from the deal. The bank alleged that as against an upfront payment of Rs 42,000 crore, in addition to working capital adjustments of Rs 2,500 crore, the LN Mittal-led firm negotiated its bid downwards in collaboration with State Bank of India-led Committee of Creditors (CoC). 

The bank said it has been discriminated in ArcelorMittal's resolution plan, which both the firm and the CoC have refuted. 

ArcelorMittal told the two-members NCLT Bench, comprising adjudicating