The case involves multiple appeals before the National Company Law Appellate Tribunal (NCLAT) concerning the resolution plan of Essar Steel India Ltd. The appeals raise questions about the distribution of debt between financial and operational creditors, the classification of operational creditors, and the fairness of the resolution plan.
Several appeals were filed before the NCLAT regarding the resolution plan of Essar Steel India Ltd. Standard Chartered Bank, State Bank of India, and the Committee of Creditors of Essar Steel India through SBI are among the appellants. Satish Kumar Gupta, the Resolution Professional, is a respondent in multiple appeals. The core issue revolves around the distribution of debt between financial and operational creditors, the classification of operational creditors as related or non-related parties, and whether the resolution plan approved by the Committee of Creditors is fair and non-discriminatory to all stakeholders. The NCLAT is also examining whether Standard Chartered Bank can claim any amount payable as debt without invoking the guarantee as on the date of
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The NCLAT heard the appeals and framed…
Appeals post…
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The case involves multiple appeals before the National Company Law Appellate Tribunal (NCLAT) concerning the resolution plan of Essar Steel India Ltd. The appeals raise questions about the distribution of debt between financial and operational creditors, the classification of operational creditors, and the fairness of the resolution plan.
Several appeals were filed before the NCLAT regarding the resolution plan of Essar Steel India Ltd. Standard Chartered Bank, State Bank of India, and the Committee of Creditors of Essar Steel India through SBI are among the appellants. Satish Kumar Gupta, the Resolution Professional, is a respondent in multiple appeals. The core issue revolves around the distribution of debt between financial and operational creditors, the classification of operational creditors as related or non-related parties, and whether the resolution plan approved by the Committee of Creditors is fair and non-discriminatory to all stakeholders. The NCLAT is also examining whether Standard Chartered Bank can claim any amount payable as debt without invoking the guarantee as on the date of
…The NCLAT heard the appeals and framed…
Appeals post…
Sign in to view related legal provisions.