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Standard Chartered Bank on Tuesday claimed that it was discriminated by the Committee of Creditors (CoC) when it considered and passed ArcelorMittal’s resolution plan for the insolvent Essar Steel India Ltd.
Pleading before the Ahmedabad Bench of the National Company Law Tribunal, SCB’s counsel sought a direction to the CoC urging it to treat the bank on a par with other financial creditors.
In its arguments before the two-member Bench, SCB alleged that the 27 secured financial creditors — who are members of the CoC — were given 92 per cent of their outstanding dues under the plan approved by the CoC, while it was discriminated with an offer of only 1.7 per cent of the total dues.
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