StanChart had moved the NCLAT, alleging that the CoC had discriminated against it, as it was being offered only 1.7 per cent of its total dues from Essar Steel’s resolution plan, while other financial creditors, forming part of the CoC, were getting over 85 per cent of their dues.
had on March 20 asked the resolution professional (RP) of Essar Steel to call a fresh meeting of the CoC to consider the redistribution of funds from ArcelorMittal’s resolution plan.
This included the proposal for higher payout to StanChart and the operational creditors, who have also alleged discrimination in payment.
on Tuesday also asked the CoC of Essar Steel to give the details of decision on distribution of money among various financial and operational creditors. The operational and financial creditors of Essar Steel have been allowed to file a one-page affidavit detailing the claims made by them, the amount approved by RP and CoC, and the funds allotted to them under ArcelorMittal’s plan.
The affidavit has to be submitted by the next week, the two-member Bench said, adding that the operational and financial creditors could also submit their objections to the resolution plan. The operational creditors of Essar Steel had also moved the NCLAT, alleging discriminatory treatment by the CoC.