Even as National Company Law Tribunal (NCLT) gets ready to hear pleas of various creditors against ArcelorMittal's Rs 42,000-crore takeover plan for Essar Steel, the promoters are likely to make a last ditch attempt to rescue the company.

Armed with Supreme Court's recent judgment on Binani Cement, Essar Steel is likely to argue that their bid of Rs 54,000 crore offers the maximum value to the creditors.

Earlier this month, as many as 29 operational creditors of Essar Steel had filed petitions in NCLT pleading that the debt settlement proposal made by shareholders of Essar Steel be considered as it would pay off all outstanding of both financial and operational creditors.

Last week, State-run gas utility GAIL (India) and Gujarat Energy Transmission Corp (GETCO) have moved the NCLT, seeking rejection of ArcelorMittal's bid, saying operational creditors have been left out in the proposal.

First Published:Nov 27, 2018 11:12 PM IST