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Essar Steel Asia says SC order no bar on its offer- The 20th China (Guangzhou) Int’l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
12/18/2018 金属板材展-棒材-线材展 -plate metal expo-wire expo |
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Financial Express reported Essar Steel Asia Holdings argued on Monday that the Supreme Court’s October order does not bar the National Company Law Tribunal or the Essar Steel lenders from considering the settlement offer proposed by it ‘for and on behalf of Essar Steel. Responding to earlier arguments made by the committee of creditors (CoC) that the SC’s order only allowed for submission of plans by ArcelorMittal and Numetal and that the one by the Ruias was beyond the SC’s judgment, counsel for ESAHL, Mihir Joshi, said “The Supreme Court Order has only decided on the eligibility of the bidders before it.”
Mr Joshi argued that the SC’s directions under Article 142 can only be read in the context of issues and parties before the SC and cannot adversely affect the rights of third parties which were not before the Supreme Court, such as ESAHL. He said it was highly unusual for CoC to not even consider a proposal, which is higher than the best resolution plan by INR 12,000 crore and ensures full repayment to all the creditors.
The Ahmedabad bench of the NCLT will continue to hear arguments on Tuesday.
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