After GAIL (India) and Gujarat Energy Transmission Corporation (GETCO) last week approached the National Company Law Tribunal (NCLT) to recover their dues from Essar Steel, more operational creditors are expected to follow suit this week.
Sources said the claims could top Rs 2,500 crore from the present Rs 1,600 crore. "More operational creditors will move NCLT this week. NCLT may take up hearing from November 26," they stated.
While GETCO, the Gujarat government owned transmission company, has made a claim of Rs 825 crore, GAIL has sought Rs 125 crore in payments. The two petitions take the total claim to about Rs 1,600 crore at present.
Last week, 29 operational creditors moved the Ahmedabad bench of the NCLT against the resolution plan filed by ArcelorMittal. Their claim totalled Rs 607 crore.
The creditors petitioned against the resolution plan proposed by ArcelorMittal. The plan, which has been cleared by the Committee of Creditors and filed with NCLT, includes an offer of Rs 42,000 crore for creditors and Rs 8,000 crore in capex in Essar Steel.
But operational creditors pointed out that only Rs 214 crore has been earmarked for them. This is against their total claim of over Rs 5,000 crore that have been admitted by the resolution professional overseeing the Essar Steel auction. Operational creditors include suppliers, customers and contractors and are mostly unsecured.
They highlighted competing offers from Essar Steel Asia Holdings, controlled by the Ruias. Essar Steel Asia Holdings has offered a 'higher financial recovery' in its plan that involves a total payment of Rs 54,389 crore and includes a sum of Rs 4,995 crore to settle claims of operational creditors.
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