# In the matter of CoC of Essar Steel (India) through State Bank of India Vs. Satish Kumar Gupta & Ors. CA (AT) (Insolvency) No. 03-2019

> NCLAT judgment dated 2019-02-04. Citation: TCN-2019-NCLAT-00807. The case involves an appeal against an order related to the insolvency resolution of Essar…

- **Court:** NCLAT
- **Order date:** 4 Feb 2019
- **Citation:** TCN-2019-NCLAT-00807
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/coc-of-essar-steel-india-through-state-bank-of-india-vs-satish-kumar-gupta-ors-c-1390827e

## Summary

### Background

The case involves an appeal against an order related to the insolvency resolution of Essar Steel (India). The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, is considering an application under Section 31 of the I&B Code. Several parties are involved, including the Committee of Creditors, Operational Creditors, a dissenting Financial Creditor (Standard Chartered Bank), and the Promoter. The Adjudicating Authority is hearing a large number of Operational Creditors and has also given time to hear the dissenting Financial Creditor. The Promoter also wants to be heard.

## Facts

The Committee of Creditors of Essar Steel (India) through State Bank of India is the Appellant. Satish Kumar Gupta & Ors. are the Respondents. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, is considering an application under Section 31 of the I&B Code. The Adjudicating Authority is hearing a large number of Operational Creditors and has also given time to hear the dissenting Financial Creditor (Standard Chartered Bank). The Promoter also wants to be heard. The dissenting member of the Committee of Creditor (Standard Chartered Bank) has raised objection to the Resolution Plan. The Adjudicating Authority may provide the Promoters limited hearing but it should be completed within five days. The case is regarding I.A. No. 172 of 2019

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should pass an appropriate order under Section 31 of the I&B …

**Ratio:** Section 31 of the I&B Code mandates the Adjudicating Authority to approve a

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**Reasoning:** The Appellate Tribunal emphasized that the Adjudicating Authority should consider the

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**Interpretation:** Section 31 of the I&B Code is interpreted to require a comprehensive and

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**Application:** In this case, the Adjudicating Authority must consider the objections raised by

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Essar Steel…
- **Respondents:** Essar Steel…; Satish Kuma…
- **Advocates:** Abhishek Manu…; Rajiv N…; +10 more

## Timeline

- **2019-01-23 — Earlier…**: Reference to an earlier order dated 23rd…
- **2019-02-04 — Hearing…**: Hearing of the case with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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