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Essar Steel’s operational creditors to get Rs 1k cr more

The Committee of Creditors (CoC) of Essar Steel favoured awarding Rs 1,000 crore more to the company’s operational creditors as part of the settlement offered by ArcelorMittal. Operational creditors will now receive Rs 1,214 crore against claims of Rs 4,976 crore. The lenders, however, rejected Standard Chartered’s claims for a higher amount. Standard Chartered is expected to challenge the CoC’s decision in the Supreme Court. The NCLAT had suggested the lenders to reconsider giving more to operational creditors and Standard Chartered. 

Read More at The Economic Times News date : 1 Apr 2019, Monday

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