NCLATs Essar Steel ruling set aside Everything you need to know Economic Times

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The Supreme Court on Friday set aside the July 4 order of the NCLAT approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden Essar Steel. A bench headed by Justice RF Nariman quashed the NCLAT order which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount. The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors. ET's Karunjit Singh has more. (Text: PTI) • ► Subscribe to The Economic Times for latest video updates. It's free! - http://www.youtube.com/TheEconomicTim... • ► More Videos @ ETTV - http://economictimes.indiatimes.com/TV • ► http://EconomicTimes.com • ► For business news on the go, download ET app: • https://etapp.onelink.me/tOvY/Economi... • Follow ET on: • ► Facebook - / economictimes • ► Twitter - / economictimes • ► LinkedIn - / economictimes • ► Instagram - / the_economic_times • ► Flipboard - https://flipboard.com/@economictimes

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