Lenders to Essar Steel on Wednesday urged the NCLAT to complete its insolvency resolution process in “quick” time, saying the debt-ridden company is incurring a daily loss of Rs 17 crore.
At a hearing of the National Company Law Appellate Tribunal (NCLAT), Sudipto Sarkar, counsel appearing for the Committee of Creditors (CoC) of Essar Steel, requested it to expedite the process.
“We want a quick resolution,” Sarkar said, adding that Essar Steel was suffering “a daily loss of Rs 17 crore”.
Sarkar also said that based on the order of the NCLT, the lenders had given an opportunity of being heard to Numetal and ArcelorMittal, after which both were found to be ineligible…
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