Ruia moves NCLAT for Essar Steel

NEW DELHI:  The primary antagonist of the Essar Steel saga, Prashant Ruia, is not yet ready to put his hands off from the Esaar asset. Ruia, along with two other directors — Dilip Oommen and Rajiv Bhatnagar — of the erstwhile board of Essar Steel, has approached the National Company Law Appellate Tribunal (NCLAT) to thwart a last-moment takeover of the debt-ridden firm by ArcelorMittal. 

Ruia has challenged the orders of the Ahmedabad bench of the NCLT, which on Friday approved ArcelorMittal’s `42,000-crore offer. The promoters are pushing for a one-time settlement proposal of `54,389 crore with the lenders and withdrawal of the IBC proceedings against the firm. The matter was mentioned before an NCLAT bench on Monday evening, which asked it to be taken only after NCLT passes its full written order.