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In a breather of sorts, the National Company Law Appellate Tribunal (NCLAT) on Tuesday granted NCLT Ahmedabad a week more to decide on the ₹42,000-crore resolution plan submitted by ArcelorMittal for Essar Steel.
NCLT now has time till February 19 to complete the hearing, and up to February 28 to pass a judgment. Earlier, the NCLAT had ordered NCLT to give a verdict by February 11.
The hearing has been going on for over 570 days with several twist and turns. Under the Insolvency and Bankruptcy Code, the deadline for passing an order has been fixed at 270 days.
As per the revised schedule, NCLT has to hear the promoters and dissenting creditors by February 19 and pass a judgement there of.
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