Supreme Court to hear ArcelorMittal’s plea against NCLAT order

New Delhi, September 11

The Supreme Court on Tuesday agreed to hear on Wednesday a plea of ArcelorMittal seeking extension of time for payment of Rs 7,000 crore as ordered by NCLAT last week for its bid to become eligible for Essar Steel.

The apex court refused urgent hearing for ArcelorMittal’s plea for payment of Rs 7,000 crore by Tuesday for its second bid to become eligible.

A bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud said, “We will hear the plea on Wednesday.”

The National Company Law Appellate Tribunal (NCLAT) had last Thursday pronounced judgement, saying Russia’s VTB Group-backed Numetal’s second bid was eligible and asked ArcelorMittal to clear dues of its other subsidiaries to remove the stigma of defaulter by September 11 to become eligible.

Anil Aggrawal’s Vedanta is the third qualified bidder for Essar Steel whose lenders have initiated insolvency proceedings for recovery of around Rs 49,000 crore dues. PTI