A two-member bench headed by Chairman Justice S J Mukhopadhaya asked all parties, including ArcelorMittal, to file their written submissions over their submissions by May 22.
The NCLAT would continue to hear the Essar Steel insolvency case on May 21.
The Committee of Creditors (CoC) submission before a National Company Law Appellatre Tribunal (NCLAT) implied that only Rs 39,500 crore would be available for distribution among the financial creditors and operational creditors.
StanChart has approached the NCLAT alleging that the CoC had discriminated against it, as it was being offered only 1.7 per cent of its total dues from Essar Steel's resolution plan, while other financial creditors, forming part of the CoC, were getting over 85 per cent of their dues.
The company reported a "net income attributable to equity holders of the parent" of $0.4 billion in the first quarter.
ArcelorMittal increased its growth forecast for 2019 global apparent steel consumption, which also reflects changes in inventory levels, to 1.0-1.5 percent from its February guidance of 0.5-1.0 percent.
The plea by Essar Steel Asia Holdings Ltd comes weeks after an insolvency court cleared ArcelorMittal's bid for Essar Steel, which was auctioned by lenders to recover unpaid loans.
The company "announces its intention to temporarily idle production at its steel making facilities in Krakow, Poland, and reduce production in Asturias, Spain".
The company said in a statement that it will offer up steel to repair and rebuild the monument.
"ArcelorMittal announces that it has received European Commission (EC) approval for the sale of several steel-making assets to Liberty House Group," NRI billionaire L N Mittal-led ArcelorMittal said in statement.
The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt ridden Essar Steel.
This means that lenders may have to forgo more than the earlier estimated Rs 41,987 crore, or 92 percent of their dues
The NCLAT had on March 20 asked the resolution professional of Essar Steel to call for a fresh meeting of its CoC to reconsider distribution of Rs 42,000 crore fund.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
NCLT order on ArcelorMittal’s resolution plan for Essar Steel highlights dependence on Essar Group’s infrastructure and seeks continued access. Also cites Wednesbury Principle to ask for a more equitable distribution to all creditors.
The matter was mentioned before a two-member bench headed by Chairman Justice S J Mukhopadhaya, which asked it to be listed after the Ahmedabad bench of the National Company Law Tribunal (NCLT) posts its full written order.
ArcelorMittal’s resolution plan for Essar Steel is set to bring the curtains down on a high profile case in the insolvency process. Who won, who lost?
ArcelorMittal's acquisition of Essar Steel is a risk for domestic steel producers, as the global giant gets a ready asset in one of the largest and fastest growing markets for steel in the world
The becnh has additionally asked the lenders to share 15 percent of the bid with operational creditors, who had earlier this week appealed to ArcelorMittal to consider their dues too.
The two companies may submit the bids today
The deadline to pronounce the over gets over on Friday
The company has executed lease cum sale agreement for the Karnataka project
ArcelorMittal, the world's largest steelmaker, operates a steel plant in the central Bosnian town of Zenica which processes iron ore from its Omarska mines in the town of Prijedor.
A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, on Thursday observed that hearing was not concluded and final order was yet to be passed.
A two-member NCLAT bench, headed by Justice S J Mukhopadhaya, said that if the Ahmedabad bench of National Company Law Tribunal (NCLT) fails to pass an order by this deadline, it would call records and pass an order.