Lenders to Essar Steel today 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.
Locked in a direct fight to acquire Essar Steel, ArcelorMittal today sought disqualification of Russia's VTB Capital-backed NuMetal Ltd, alleging that the firm was acting in concert with delinquent promoters of Essar group.
NCLAT adjourned till July 2 the hearing over the appeals filed by Essar Steel resolution applicants NuMetal and Arcelor Mittal.
Essar Steel lenders have moved NCLAT seeking an early hearing of appeals filed by suitors for the insolvency-bound firm.
NCLAT has directed the resolution professional, committee of creditors and NCLT not to pass any order in the matter related to insolvency resolution of Essar Steel.
Mittal has said he would be surprised if ArcelorMittal, the world's largest steelmaker, is declared ineligible to participate in the bid for Essar Steel.
ArcelorMittal, last week, had said that "a swift decision" on the case will be in the best interest of all stakeholders.
Terming his company the most credible owner of Essar Steel, Aranha said ArcelorMittal viewed Essar acquisition as a compelling opportunity for the company.
NCLAT agreed to hear on May 17 cross petitions filed by Essar Steel bidders, NuMetal Ltd and ArcelorMittal India Ltd, challenging eligibility criteria.
Vedanta, ArcleorMittal and Numetal along with JSW today submitted resolution plans for the debt-laden Essar Steel in the second round of bidding, sources said.