NEW DELHI: The Supreme Court on Friday ordered status quo in insolvency proceedings in the National Company Law Appellate Tribunal (NCLAT) in which ArcelorMittal was issued directions to release its ₹42,000 crore bid for Essar Steel.
The apex court bench headed by Justice R F Nariman also directed the parties to maintain status quo with respect to the 8 March order of the National Company Law Tribunal, Ahmedabad. The NCLAT had on 9 April ruled that the order of the NCLT, allowing ArcelorMittal to release ₹42,000 crore for its acquisition of Essar Steel, be implemented.
The Supreme Court direction entails the money should be released only after completion of insolvency proceedings. The court also directed the tribunal to dispose of the case expeditiously.
The NCLAT bench presided by Chairman Justice S. J Mukhopadhyaya said on Tuesday that it might, on the next date of hearing, 23 April, direct ArcelorMittal to deposit the Rs.42,000 crore bid money in a separate account.
