Countering Essar Steel Asia’s claims for a right to redeem the insolvent Essar Steel as a holding company with a 75 per cent stake, senior counsel for the Committee of Creditors argued that it had no right over the mortgaged asset as a shareholder in the National Company Law Tribunal.

Representing the CoC, senior counsel Ravi Kadam told the NCLT that the mortgaged assets belonged to the creditors and the public.