New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday said it was likely to direct global steel major ArcelorMittal to deposit the bid amount of ₹42,000 crore for acquiring Essar Steel in separate accounts during the next hearing on 23 April. The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan for debt-ridden Essar Steel. The NCLAT was hearing a batch of petitions filed by operational creditors, Gujarat state tax department and others. ArcelorMittal's resolution proposal for Essar Steel provides financial creditors ₹41,987 crore out of their total dues of ₹49,395 crore. Also read: ArcelorMittal readies India team to run Essar SteelEssar Steel owns a 10-million-tonne steel mill at Hazira in Gujarat.

Source: Mint April 09, 2019 10:18 UTC