NEW DELHI: 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. 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 ₹42,000 crore coming in from ArcelorMittal. Operational creditors of Essar Steel are not satisfied with the CoC over the distribution of ₹42,000 crore coming from the resolution plan by global steel major ArcelorMittal. NCLT Ahmedabad had initiated insolvency proceedings against Essar Steel on June 27, 2017.

Source: Mint April 30, 2019 12:45 UTC