SC puts on hold Essar Steel sale to ArcelorMittal

The Supreme Court Monday put on hold the sale of Essar Steel to ArcelorMittal as it agreed to hear the appeal filed by financial lenders against the NCLAT order, saying it would like to settle the issue "once and for all".

A bench of Justices R F Nariman and Surya Kant said the monitoring committee will continue its work till the case is heard on August 7.

"Once the Committee of Creditors (CoC) in their concerned wisdom had decided on division of assets, there should have been no re-distribution, like you are an Interim Resolution Professional (IRP). We would settle this issue once and for all," the bench observed at the outset.

The bench was hearing a plea by CoC of Essar Steel challenging NCLAT's July 4 order which approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000 crore bid for acquiring the debt-laden firm.

The COC has sought quashing of the National Company Law Appellate Tribunal (NCLAT) order which had given financial creditors equal status with operational ...