Essar Statement on NCLT order
Jan 29th, 2019
We continue to believe that our offer of Rs 54,389 crore is the most compelling proposal available to Essar Steel creditors. It seeks to repay all classes of creditors and fulfills the IBC’s overriding objective of value maximisation that has been established time and again by courts at all levels. We submitted the proposal under the recently introduced Section 12A of the IBC and the recent judgement of the Supreme Court has established that the section’s provisions are applicable retrospectively.
We are awaiting a copy of the full NCLT order, and will take a call on next steps after we have thoroughly gone through the contents.
– Essar spokesperson