NCLAT amends order on Essar Steel, adds Darius Khambata as senior counsel
World's largest steel manufacturer ArcelorMittal and Russia's VTB Capital-backed Numetal are in a race to acquire debt-ridden Essar Steel.
The National Company Law Appellate Tribunal (NCLAT) on Monday amended its order on the Essar Steel, passed by it on September 7, to add the name of senior counsel Darius Khambata, which was left out.
Khambata had represented Resolution Professional of the debt ridden firm Essar Steel in this matter before the appellate tribunal and his name was missing in the final order. Tribunal's direction came after an application was moved to include his name.
In its judgement, passed earlier this month, NCLAT had ruled that Numetal's Rs 37,000 crore second-round bid for Essar Steel is valid, but asked rival bidder ArcelorMittal to clear Rs 7,000 crore dues of its previously associated firms within three days to qualify for the acquisition.
World's largest steel manufacturer ArcelorMittal and Russia's VTB Capital-backed Numetal are in a race to acquire debt-ridden Essar Steel, which is being auctioned by its lenders to recover their Rs 49,000 crore defaulted loans.
The order of NCLAT is now challenged before the Supreme Court by both bidder Numetal and ArcelorMittal seperately. The apex is scheduled to hear the matter on Tuesday.