Essar Steel's former board members seek to take part in lenders' meet

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Insolvent Essar Steel’s suspended board members told the National Company Law Tribunal, Ahmedabad, on Tuesday they were deprived of their right to take part in lenders' meeting and comment on the Rs 42,000-crore resolution plan by ArcelorMittal. 

Citing the January 31 Supreme Court order in Ruchi Soya case, the former board members challenged the Committee of Creditors' (CoC’s) approval of ArcelorMittal's takeover bid without their participation and sought for a copy of  the plan. The apex court on January 31 had said the suspended board members of a firm should be included in all deliberations of the CoC, including discussions on the plan.

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