StanChart getting more than two times its share: Essar Steel CoC to NCLT

Essar Steel had defaulted on its guarantee for Standard Chartered's loan to its Mauritius-based subsidiary Essar Steel Offshore worth Rs 3,700 crore

Contrary to its allegation, Standard Chartered Bank has not been discriminated and has been allotted its valid share in ArcelorMittal's takeover bid for Essar Steel, the committee of creditors (CoC) to the stressed steelmaker told the Ahmedabad Bench of National Law Company Tribunal (NCLT) on Wednesday.

The CoC's legal counsel told the two-member Ahmedabad Bench that Standard Chartered was actually getting two times its share. 

The allocation among creditors has been made on the basis of value of security held by them with Essar Steel. As a result, almost all the other members of the CoC held a direct share in Essar