The case involves appeals and writ petitions challenging the approval of resolution plans by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC), 2016, specifically concerning Essar Steel India Limited. The constitutional validity of Sections 4 and 6 of the IBC (Amendment) Act, 2019, is also challenged. The case arises from the aftermath of a previous Supreme Court judgment and involves disputes regarding the roles of resolution applicants, resolution professionals, and the jurisdiction of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).
On 02.08.2017, the NCLT, Ahmedabad admitted Company Petition (I.B.) No. 39 of 2017 filed by Standard Chartered Bank together with a Petition filed by the State Bank of India under Section 7 of the Code. Satish Kumar Gupta was appointed as the interim resolution professional, who was later confirmed as resolution professional. On 06.10.2017, the resolution professional invited expressions of interest from resolution applicants for rehabilitating Essar Steel India Limited. On 24.12.2017, the resolution professional issued a request for proposal (RFP). On 12.02.2018, ArcelorMittal and Numetal submitted plans, but were found ineligible under Section 29-A of the Code. On 02.04.2018, resolution plans were submitted by ArcelorMittal, Numetal and Vedanta Limited.
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NCLT, Ahmedabad admitted Company Petition…
Resolution professional invited expressions of…
The case involves appeals and writ petitions challenging the approval of resolution plans by the Committee of Creditors (CoC) under the Insolvency and Bankruptcy Code (IBC), 2016, specifically concerning Essar Steel India Limited. The constitutional validity of Sections 4 and 6 of the IBC (Amendment) Act, 2019, is also challenged. The case arises from the aftermath of a previous Supreme Court judgment and involves disputes regarding the roles of resolution applicants, resolution professionals, and the jurisdiction of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).
On 02.08.2017, the NCLT, Ahmedabad admitted Company Petition (I.B.) No. 39 of 2017 filed by Standard Chartered Bank together with a Petition filed by the State Bank of India under Section 7 of the Code. Satish Kumar Gupta was appointed as the interim resolution professional, who was later confirmed as resolution professional. On 06.10.2017, the resolution professional invited expressions of interest from resolution applicants for rehabilitating Essar Steel India Limited. On 24.12.2017, the resolution professional issued a request for proposal (RFP). On 12.02.2018, ArcelorMittal and Numetal submitted plans, but were found ineligible under Section 29-A of the Code. On 02.04.2018, resolution plans were submitted by ArcelorMittal, Numetal and Vedanta Limited.
…NCLT, Ahmedabad admitted Company Petition…
Resolution professional invited expressions of…