another win for team: ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal ....regaring Essar Steel in India

(the plea seeking a stay has been...rejected)

https://www.business-standard.com/article/companies/sc-clears-hurdle-for-essar-case-rejects-pleas-by-operational-creditors-119021101169_1.html

The Supreme Court (SC) on Monday dismissed a plea by 28 operational creditors of Essar Steel seeking to be heard by the National Company Law Tribunal (NCLT) before any decision was taken on ArcelorMittal’s bid for the company. The court also rejected their plea seeking a stay on the National Company Law Appellate Tribunal’s (NCLAT’s) order asking the NCLT Ahmedabad Bench to take a decision on ArcelorMittal’s bid by February 11.

Now, the NCLT will be able to decide the fate of ArcelorMittal’s bid quickly....

All eyes on NCLAT

The NCLAT had on February 4 asked the NCLT to start hearing ArcelorMittal’s resolution plan, submitted under Section 31 of the Insolvency and Bankruptcy Code (IBC), and decide on the matter by February 11 (Monday). If this did not happen, said the NCLAT, it would take over the matter and decide on it by February 12 (Tuesday).

==============================================================================

Looks like Arcelor's team will have this in the bag by tomorrow.

So what will be planned for Essar Algoma in Sault Ste Marie, Ontario with the consortium of lenders who now own it.