Essar Steel Verdict: Changes the Rules for Future Insolvency Cases
On 15th November, 2019, in a landmark decision, the Supreme Court allowed the appeal by Committee of Creditors in Essar Steel Insolvency Case to set aside the order of the National Company Law Appellate Tribunal (NCLAT).
- The judgement has paved the way for Arcelor Mittal and Nippon Steel to take over debt-laden Essar Steel, bringing an end to the stressed-asset case under the Insolvency and Bankruptcy Code (IBC).
- The judgment deals with 10 key aspects pertaining to the corporate insolvency resolution process (CIRP) in one of the biggest insolvency matters of the country.
Outcomes of the Verdict
Upholding ....
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