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ArcelorMittal to pay ₹ 42K cr for Essar Steel takeover

ArcelorMittal to pay ₹ 42K cr for Essar Steel takeover

Global steel major ArcelorMittal on 20 May told the National Company Law Appellate Tribunal (NCLAT) that it would pay ₹ 42,000 crore, including a minimum of guarantee of ₹ 2,500 crore as working capital, for acquiring debt-laden Essar Steel under the insolvency process.

The NCLAT would continue to hear the Essar Steel insolvency case on May 21.

National Company Law Appellate Tribunal (NCLAT)

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.

The NCLT was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Justice Eradi committee on law relating to insolvency and winding up of companies.

The National Company Law Tribunal is the adjudicating authority for insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016.

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