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 (IBC). The Resolution Professional (RP) declared both applicants ineligible based on Section 29A of the IBC, leading to the Committee of Creditors (CoC) deciding to invite fresh bids. Numetal and ArcelorMittal challenged this decision, seeking declarations of their eligibility and contesting the other's eligibility. The applications also address the process followed by the RP and CoC in determining eligibility and inviting fresh bids.
Essar Steel India Limited (ESIL) underwent Corporate Insolvency Resolution Process (CIRP) after applications by Standard Chartered Bank and State Bank of India were admitted by the NCLT. The RP invited Expressions of Interest (EOI) for resolution plans. Numetal Limited and ArcelorMittal India Private Limited (AM India) submitted resolution plans. The RP declared both ineligible under Section 29A of the IBC. Numetal's ineligibility stemmed from Ravi Ruia, connected to Numetal, being a promoter of ESIL with an NPA account. AM India's ineligibility was due to ArcelorMittal Netherlands (AM Netherlands), a connected person, being a promoter of Uttam Galva with an NPA account. The CoC decided to invite fresh bids. Numetal and AM India challenged their ineligibility and
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Corporate Insolvency…
Resolution Professional (RP) invites…
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 (IBC). The Resolution Professional (RP) declared both applicants ineligible based on Section 29A of the IBC, leading to the Committee of Creditors (CoC) deciding to invite fresh bids. Numetal and ArcelorMittal challenged this decision, seeking declarations of their eligibility and contesting the other's eligibility. The applications also address the process followed by the RP and CoC in determining eligibility and inviting fresh bids.
Essar Steel India Limited (ESIL) underwent Corporate Insolvency Resolution Process (CIRP) after applications by Standard Chartered Bank and State Bank of India were admitted by the NCLT. The RP invited Expressions of Interest (EOI) for resolution plans. Numetal Limited and ArcelorMittal India Private Limited (AM India) submitted resolution plans. The RP declared both ineligible under Section 29A of the IBC. Numetal's ineligibility stemmed from Ravi Ruia, connected to Numetal, being a promoter of ESIL with an NPA account. AM India's ineligibility was due to ArcelorMittal Netherlands (AM Netherlands), a connected person, being a promoter of Uttam Galva with an NPA account. The CoC decided to invite fresh bids. Numetal and AM India challenged their ineligibility and
…Corporate Insolvency…
Resolution Professional (RP) invites…