The Kolkata bench of the National Company Law Tribunal (NCLT) observed that to balance the interests of all the stakeholders, the payments to the various classes of operational creditors who have been paid nil value, need to be ‘reassessed’ and ‘re-considered’ by the Committee of Creditors (CoC).
“The resolution plan in respect of the corporate debtor needs to be sent back to the CoC to consider the claims made by the class of operational creditors who are before us in the present batch of interlocutory applications,” said a division bench of Rajasekhar VK in its order of June 28,2022.
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In April 2018, NCLT approved Vedanta’s Rs 5,320-crore resolution plan for Electrosteel Steel. At that time, the company owed Rs 13,395 crore to its financial creditors and over Rs 783 crore to its operational creditors.
In 2020, about 13 operational creditors of Electrosteel Steel approached the tribunal seeking its intervention to direct the CoC to pay them the full and final amount as approved under the Resolution Plan payable to operational creditors.
While CoC argued that the operational creditors as a class have not been entirely unpaid, it is only some classes who have received no payment.
The order concerns with the distribution to the operational creditors as per the code, a matter pertinent to the CoC and therefore does not directly involve electrosteel company.
