SC puts sale of Essar Steel to ArcelorMittal on hold

The Supreme Court on Monday ordered status quo in debt-laden Essar Steel's insolvency case, on a plea by its creditors against NCLAT's order approving ArcelorMittal's ₹42,000-crore acquisition bid. The NCLAT had made changes in the distribution of claims from the bid amount between creditors. The SC ruled that NCLAT can't act like a resolution professional and distribute funds.