Essar Steel lenders have moved the National Company Law Appellate Tribunal seeking an early hearing of appeals filed by suitors for the insolvency-bound firm, saying they were losing a lot of money because of the delays.
The NCLAT, had on May 22, ordered status quo on the insolvency of Essar Steel for two months as it admitted petitions of NuMetal and ArcelorMittal over the bidding eligibility.
State Bank of India filed the petition in the NCLAT on behalf of the Committee of Creditors (CoC) of Essar Steel seeking the “earliest possible date for hearing on a day to day basis.”
The NCLAT had on May 22 ordered hearing on the appeals on a daily basis from July 23-26.
