The March 8 order of the National Company Law Tribunal (NCLT)-Ahmedabad will, meanwhile, be implemented in “letter and spirit”, the two-member Bench said.
On Monday, the appellate tribunal had given a conditional go-ahead to ArcelorMittal’s resolution plan, which was approved by NCLT-Ahmedabad.
The two-member Bench had then said the implementation would be subject to the final outcome of the various pending appeals. The financial and operational creditors of the company could be given funds according to the resolution plan, the Bench had said.
During a last hearing on March 15, the NCLAT had observed that “there cannot be any discrimination” among the financial creditors as far as distribution of funds were concerned. It had then asked the CoC and ArcelorMittal
to come up with a better equitable distribution plan.
Apart from StanChart, the operational creditors should also get at least 10 per cent of the total offer, the NCLAT had then suggested.