The case involves multiple Interlocutory Applications (IAs) filed by Numetal Limited and ArcelorMittal India Private Limited, contesting their ineligibility to submit resolution plans for Essar Steel India Limited under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) and Committee of Creditors (CoC) found both applicants ineligible based on Section 29A of the IBC, leading to the decision to invite fresh bids. The applicants challenged this decision, arguing that the RP's interpretation of Section 29A was flawed and that they should be considered eligible. The NCLT Ahmedabad Bench is hearing these applications to determine the eligibility of the resolution applicants and the validity of the RP's decision.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Essar Steel India Limited (ESIL) based on applications filed by Standard Chartered Bank and State Bank of India. Mr. Satish Kumar Gupta was appointed as the Interim Resolution Professional (IRP). As part of the CIRP, the RP invited Expressions of Interest (EOI) for resolution plans. Numetal Limited and ArcelorMittal India Private Limited submitted resolution plans. The RP determined that both Numetal and ArcelorMittal were ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) due to their connections with entities having non-performing assets (NPAs). Numetal's connection was through Rewant Ruia, linked to ESIL, and ArcelorMittal's connection was through Uttam Galva and KSS
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Corporate Insolvency Resolution Process…
Resolution Professional (RP) invited…
The case involves multiple Interlocutory Applications (IAs) filed by Numetal Limited and ArcelorMittal India Private Limited, contesting their ineligibility to submit resolution plans for Essar Steel India Limited under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP) and Committee of Creditors (CoC) found both applicants ineligible based on Section 29A of the IBC, leading to the decision to invite fresh bids. The applicants challenged this decision, arguing that the RP's interpretation of Section 29A was flawed and that they should be considered eligible. The NCLT Ahmedabad Bench is hearing these applications to determine the eligibility of the resolution applicants and the validity of the RP's decision.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Essar Steel India Limited (ESIL) based on applications filed by Standard Chartered Bank and State Bank of India. Mr. Satish Kumar Gupta was appointed as the Interim Resolution Professional (IRP). As part of the CIRP, the RP invited Expressions of Interest (EOI) for resolution plans. Numetal Limited and ArcelorMittal India Private Limited submitted resolution plans. The RP determined that both Numetal and ArcelorMittal were ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) due to their connections with entities having non-performing assets (NPAs). Numetal's connection was through Rewant Ruia, linked to ESIL, and ArcelorMittal's connection was through Uttam Galva and KSS
…Corporate Insolvency Resolution Process…
Resolution Professional (RP) invited…