New Delhi, March 15 -- The National Company Law Apellate Tribunal (NCLAT) has adjourned hearing on the Essar Steel case till March 15, asking the promoters to clear all the group's dues as per the Supreme Court's order and then come back to it.
The development comes after Essar Steel MD Prashant Ruia and Essar Group executives, as well as the Standard Chartered Bank, filed a fresh petition before the NCLAT on Monday, seeking to set aside the ArcelorMittal's winning bid approved by the National Company Law Tribunal's Ahmedabad bench.
Essar Steel's debt stands at Rs 49,000 crore while that of its former parent, Essar Group, adds up to over Rs 80,000 crore.
The tribunal on Thursday told the the petitioners to clear the whole of Essar Group'...