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Essar Steel: NCLAT Probes 'Magical Accounting' by ArcelorMittal, CoC - (22 May 2019)


National Company Law Appellate Tribunal has observed that the Committee of Creditors (CoC) of Essar Steel India Ltd and ArcelorMittal had done some ‘magical accounting’ by which they had adjusted Rs 2,500 crore from the Rs-42,000 crore bid amount and kept it as working capital.


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