The appeal challenges an order from the Adjudicating Authority (NCLT) that directed the appellants, erstwhile promoters, to comply with a resolution plan by selling their shares at INR 2/- per share to the applicant. The appellants contend that the Adjudicating Authority modified the resolution plan and that their shares should not be compulsorily acquired.
M/s Bhushan Steel Limited incurred a debt of Rs. 59 thousand crores to its creditors. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated in 2017 following an application filed by the State Bank of India. This marked the beginning of the insolvency proceedings for Bhushan Steel Limited, leading to the subsequent events concerning its resolution.
…Corporate Insolvency Resolution Process (CIRP)…
The Resolution Plan submitted by M/s. Tata Steel…
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The appeal challenges an order from the Adjudicating Authority (NCLT) that directed the appellants, erstwhile promoters, to comply with a resolution plan by selling their shares at INR 2/- per share to the applicant. The appellants contend that the Adjudicating Authority modified the resolution plan and that their shares should not be compulsorily acquired.
M/s Bhushan Steel Limited incurred a debt of Rs. 59 thousand crores to its creditors. Consequently, the Corporate Insolvency Resolution Process (CIRP) was initiated in 2017 following an application filed by the State Bank of India. This marked the beginning of the insolvency proceedings for Bhushan Steel Limited, leading to the subsequent events concerning its resolution.
…Corporate Insolvency Resolution Process (CIRP)…
The Resolution Plan submitted by M/s. Tata Steel…
Sign in to view related legal provisions.