Supreme Court stays NCLAT order in Essar Steel case, says once commercial wisdom of CoC takes place, one can't act as resolution professional
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Watch Supreme Court stays NCLAT order in Essar Steel case With HD Quality.
Supreme Court stays NCLAT order in Essar Steel case, says once commercial wisdom of CoC takes place, one can't act as resolution professional
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Watch Supreme Court stays NCLAT order in Essar Steel case With HD Quality
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The National company Law Appellate Tribunal (NCLAT) Monday gave a conditional approval to Rs 42,000 crore resolution plan of ArcelorMittal for debt-ridden Essar Steel saying it will be subject to its final order in the appeal filed by the promoters. A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
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Watch Race for Essar Steel- NCLAT gives conditional nod to ArcelorMittal's Rs 42k cr plan With HD Quality
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The Supreme Court on Friday set aside the July 4 order of the NCLAT approving ArcelorMittal's Rs 42,000-crore bid for acquiring debt-laden Essar Steel. A bench headed by Justice RF Nariman quashed the NCLAT order which had given financial creditors equal status with operational creditors in the distribution of ArcelorMittal's bid amount. The bench clarified that financial creditors enjoy primacy and the adjudicating authority cannot interfere with the decision approved by the committee of creditors. ET's Karunjit Singh has more. (Text: PTI)
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Watch NCLAT's Essar Steel ruling set aside: Everything you need to know | Economic Times With HD Quality
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Supreme Court granted interim stay on Allahabad HC order directing weeklong lockdown of 5 major cities Prayagraj, Lucknow, Kanpur, Varanasi and Gorakhpur. SG Tushar Mehta said state is already taking steps to contain spread of Covid but a complete lockdown would create immense administrative difficulties. Supreme Court bench in its order also asked the state of Uttar Pradesh to submit before the state High Court its various steps and measures taken to control the pandemic, within a week.
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Supreme Court stays Allahabad HC order directing UP govt to impose lockdown in 5 cities
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Tata Group patriarch Ratan Tata on Friday filed a petition in the Supreme Court seeking to quash a company law appellate court order directing the group's holding company Tata Sons to rehire the chairman it had fired in 2016, saying the judgment was 'wrong, erroneous and contrary to the record of the case'.
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National Herald case: SC stays Delhi High Court's order on Herald House eviction
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In a setback to Ruia's, the Ahmedabad bench of the National Company Law Tribunal today has rejected the settlement offer by Essar Steel Ltd.’s promoters, the Ruia family. The ruling comes amid Arcelor Mittal's argument that Ruia's offer violated IBC. Essar Steel will now approach NCLAT. The tribunal also said that there is no illegality in decision taken by committee of creditors on selecting ArcelorMittal.
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In a big setback to operational creditors of Essar Steel, SC today rejected their plea for a stay against Feb 11 NCLAT order which paves the way for Arcelor Mittal's buyout of Essar. ET NOW explains SC's major observations and tells how soon can the deal materialize.
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National Company Law Tribunal (NCLT) Amedabad bench today cleared ArcelorMittal's Rs 42,000 crore resolution plan for Essar Steel takeover. ArcelorMittal, which has been engaged in a drawn-out attempt to acquire Essar Steel since 2017, had made a Rs 42,000 crore offer for the bankrupt Essar steel.
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Watch ArcelorMittal bags Essar Steel as NCLT Ahmedabad clears Rs 42,000 cr takeover bid With HD Quality
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