"We allow the appellant to implead Union of India through Ministry of Corporate Affairs and Enforcement Directorate as respondent No 3 & 4. The UoI may address the matter on behalf of CBI and SFIO," said NCLAT.
Expressing surprise on how the Punjab and Haryana High Court had intervened in the resolution process of BPSL, a bench led by Justice RF Nariman stayed the HC order that had asked the committee of creditors (CoC) and the NCLT to consider the objections raised by the former directors of the company before finalising any resolution plan.
Representations show that manufacturers like Tata-owned Tinplate Company of India (TCIL), O P Jindal group’s JSW Vallabh Tinplate Pvt (VTPL) and Parikh Group of Companies’s GPT Steel Industries (GPT) together have a capacity of 660,000 tonnes.
On October 4, the apex court gave both Numetal and ArcelorMittal a final chance to clear their “taint of disqualification” by clearing the dues to their respective creditors that they were associated within two weeks.