November 19, 2019 12:49 pm
ArcelorMittal India Private Limited's (AMIPL) resolution plan for Essar Steel India Limited (‘ESIL') has been unconditionally approved by the Supreme Court of India and the approval of AMIPL's resolution plan is the final procedural step in ESIL's corporate insolvency process, the company said in a statement.
November 16, 2019 4:19 am
Upholds supremacy of Committee of Creditors, could speed up resolution of other insolvency cases
November 15, 2019 11:25 am
The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors.
August 08, 2019 3:27 am
A bench led by Justice RF Nariman deferred the hearing on a batch of appeals till August 19 so as to decide the issue in light of fresh challenges following recent amendments.
July 24, 2019 11:40 am
The NCLAT ruling in the Essar Steel case stated that all creditors whether financial or operational have to be treated equally in the case of a “resolution” under the IBC.
July 22, 2019 12:43 pm
A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.
July 13, 2019 6:07 am
The CoC said that this decision would discourage banks from initiating insolvency proceedings against any defaulting company.
July 10, 2019 4:15 am
A two-member Bench of NCLAT approved the resolution plan suggested by ArcelorMittal but also introduced a key change that is likely to have significant ramifications for the resolution process under Insolvency and Bankruptcy Code (IBC).
July 09, 2019 12:35 am
In insolvency proceedings, distinction between secured financial and operational creditors must be maintained.
July 05, 2019 3:05 am
ESAHL had moved the NCLAT seeking rejection of ArcelorMittal’s Rs 42,000 crore bid to acquire Essar Steel, alleging that its promoter LN Mittal hid his association with loan defaulting firms run by his brothers.