15 July 2019: The NCLAT on August 8 will hear global steel major ArcelorMittal’s plea, challenging Royale Partners’ bid to acquire EPC Construction India Ltd (ECIL), currently under insolvency proceedings.
A three-member bench headed by Chairman Justice S J Mukhopadhaya has asked the parties to complete their pleading by filing their reply and rejoinder over it, and directed to list the matter on August 8.
The National Company Law Appellate Tribunal’s direction came over a petition filed by ArcelorMittal, which has challenged the order of the Mumbai bench of National Company Law Tribunal (NCLT).
The NCLT has rejected ArcelorMittal’s plea against bid of Royale Partners Investment Fund for ECIL, formerly Essar Projects India.
Earlier on May 16, passing an interim order, the NCLAT had said if any resolution plan is approved for the company, then it would be subject to final outcome of its order.
“During the pendency of the appeal, if any, plan is approved, the same shall be subject to the decision of this appeal,” the NCLAT had said.
The appellate tribunal had also issued notice to Resolution Professional and Royale Partners Investment Fund, directing them to file reply within two weeks.