NCLT to pass an order on insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.
A two-member bench of NCLAT, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) does not pass any order by January 31, then it would call the matter and pass an order accordingly on the next date of hearing.
The appellate tribunal has directed to list the matter on February 4 for next hearing.
We allow designated authority (NCLT) to pass appropriate orders by next date, failing which this appellate tribunal will decide, said NCLAT.
The matter is listed before the Ahmedabad bench of NCLT on January 31 for hearing.
The appellate tribunal was hearing an application filed by the CoC seeking an early decision.
Earlier on January 3, NCLAT had asked the Ahmedabad bench of NCLT to expeditiously take a final decision in the Essar Steel insolvency case, where ArcelorMittal emerged as the highest bidder.
It had asked the NCLT bench to take an early decision in the matter as per the order passed by the Supreme Court in this regard.