The National Company Law and Appellate Tribunal (NCLAT) has accorded conditional approval to ArcelorMittal's ₹42,000-crore bid to take over the stressed Essar Steel. A two-member Bench headed by Justice SJ Mukhopadhaya said Essar Steel's Committee of Creditors (CoC) can go ahead and implement the plan even as the Bench looks into the issue of distribution of funds between financial and operational creditors. It also directed the Insolvency and Bankruptcy Board of India to submit a ratio of distribution of funds between the creditors. The Insolvency Resolution Professional will chair the monitoring committee and ensure the company remains a going concern, said the NCLAT on Monday. Last Friday, it had turned down Essar Steel promoters' plea to stay the approval given by the Ahmedabad Bench of the National Company Law Tribunal (NCLT) to ArcelorMittal's bid even as the promoters offered to settle the firm's entire ₹54,389-crore debt.