NCLAT prepones hearing on Essar Steel to May 7

The National Company Law Appellate Tribunal (NCLAT) on Tuesday preponed its scheduled hearing over the resolution process of debt-ridden firm Essar Steel to May 7.

The Committee of Creditors (CoC) of the company had moved an urgent plea to seek an early hearing in this matter.

An NCLAT bench headed by Chairman Justice S J Mukhopadhaya Tuesday directed the matter to be listed on May 7.

The NCLAT was scheduled to hear the Essar Steel matter on May 13, where operational creditors and other stake holders of Essar Steel have moved over distribution of Rs 42,000 crore coming in from ArcelorMittal.

The promoters of the company had also approached the NCLAT, challenging the order of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had on March 9 approved ArcelorMittal's bid for the company.

On April 12, in this matter, the Supreme Court had stayed the disbursement of funds to creditors while directing parties to maintain status quo.

It had also asked the tribunal to ...