7 per cent of their admitted claims of Rs 49,473 crore.7 per cent of their claims.The NCLAT also observed that this matter was related to insolvency of Essar Steel India and is not related to Odisha Slurry Pipeline Infrastructure Limited, a concerned raised by Standard Chartered Bank and others during the hearing. Prashant Ruia and Intervenor - &China hexagon socket wood screw39;Essar Steel Asia Holdings Limited' deserves to be rejected."The tribunal observed that financial creditors whose claims are less than Rs 1 crore will get 100 per cent of their claims whereas other financial creditors will get 60. It had granted a loan of USD 500,000,000 (around Rs 3,427 crore at current exchange rates) to Essar Steel Offshore, a step down firm.New Delhi: The NCLAT on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000 crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder."While financial creditors may choose to appeal against the ruling in the Supreme Court, an Essar Steel spokesperson said, "It appears that new facts regarding ineligibility under Section 29A which emerged only after the previous judgement of the Supreme Court, have not been given due consideration.
We are awaiting the detailed order and decide our course of action thereafter.7 per cent of its total claims of Rs 3,487.The NCLAT said financial creditors will get 60. Essar Steel director Prashant Ruia had challenged that order saying ArcelorMittal was ineligible to bid under Section 29A of the Insolvency and Bankruptcy Code as it was associated with delinquent or loan defaulting firms.The NCLAT said financial creditors will get 60.Moreover, it observed that the amount of profit generated by Essar Steel during the corporate insolvency resolution process (CIRP) cannot be given to the successful resolution applicant ArcelorMittal as it has not invested any money."We have distributed all claims among financial creditors including Standard Chartered based on 60.26 per cent. We need to review the full written order to understand any implications on completion of the transaction.ArcelorMittal countered this saying the plea was one of the multiple mala fide attempts to derail the corporate insolvency resolution process and Ruia had no locus standi as his resolution plan was disallowed.
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