NCLT rejects Essar Steel's operational creditors plea against Arcelor's bid

The National Company Law Tribunal (NCLT)-Ahmedabad on Thursday rejected debt-laden Essar Steel India’s (ESIL’s) operational creditors (OCs) plea against ArcelorMittal’s Rs 42,000-crore bid. It is seeking consideration of promoters Essar Steel Asia Holding’s (ESAHL’s) Rs 54,000-crore proposal.
 
Around eight OCs, including Orissa Stevedores, Signode India, and Timken India, among others, had filed a plea seeking quashing of Arcelor’s resolution plan and consideration of ESAHL’s proposal. However, in a common order, the two-member Bench, comprising adjudicating authorities Harihar Prakash Chaturvedi and Manorama Kumari, rejected the same.
 
Led by the State Bank of India, the committee of creditors had approved