On Tuesday, The National Company Law Appellate Tribunal said it may direct global steel major to deposit Rs. 42,000 crore as per its bid for acquiring Essar steel.
A two-member bench led by Justice S J Mukhopadhyay said that the company may have to deposit the amount in a separate account either before the NCLAT or NCLT Ahmedabad bench.
“ArcelorMittal India, successful resolution applicant, would file an affidavit for implementation of plan,” the bench said.
It further said, “The Appellate Tribunal may direct the successful resolution applicant to deposit money in one or another account in next date of hearing”.
The bench also directed the operational creditors and financial creditors of Essar Steel to file a chart next week, detailing their claims approved by resolution professional and CoC.
“Financial creditors and operational creditors are allowed to file one page affidavit giving details of their claims approved by RP and its percentage,” it said.