The matter is likely to go to Supreme Court for a final settlement, said analysts. Essar said that it had submitted a proposal to the Committee of Creditors (CoC) for full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel India Ltd (ESIL), aggregating Rs 54,389 crore, under Section 12A of the code. ArcelorMittal has agreed to pay Rs 42,000 crore upfront to the creditors and additionally infuse Rs 8,000 crore into Essar Steel, taking the total payout to Rs 50,000 crore. "The CoC is empowered to consider and approve this settlement plan with the requisite voting share, on the basis of which the corporate insolvency resolution process against Essar Steel may be withdrawn," said Essar Steel. It further said that if the CoC were to accept the resolution plan currently under consideration (ArcelorMittal), it will have to settle for a sizeable haircut. "Essar Steel got into difficulty because of external factors.