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Rs 2,500 cr marked as working capital: Essar Steel creditors


Maharashtra,Business/Economy,Immigration/Law/Rights


Author : Indo Asian News Service

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Mumbai, May 16 (IANS) Essar Steel creditors on Thursday informed the NCLAT that the Rs 2,500 crore of the Rs 42,000 crore coming from the resolution plan of Arcelor Mittal has been marked as working capital of the debt-laden company.

Earlier in an argument on behalf of the Standard Chartered Bank, senior advocate Kapil Sibal had challenged the acceptance of Rs 39,500 crore bid amount by the Committee of Creditors (CoC) of bankrupt Essar Steel.

The amount was contrary to the ArcelorMittal undertaking given to Supreme Court of Rs 42,000 crore for buying Essar Steel, he added.

Advocate Gopal Subramanium, representing the CoC, however, informed the appellate tribunal that the actual upfront amount is Rs 39,500 crore and the rest Rs 2,500 crore has been committed as working capital for Essar Steel.

--IANS

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