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SC Reserves Judgment in Essar Steel Insolvency Case-2020 China(Guangzhou)Int’l Metal & Metallurgy Exhibition-metal
exhibition
10/28/2019 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo- |
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Bloomberg reported that Supreme Court of India has reserved judgment on petitions challenging the National Company Law Appellate Tribunal ruling in the Essar Steel insolvency case in which the appellate tribunal had equated operational and financial creditors. The Supreme Court bench which has reserved the judgment includes Justice Rohinton Nariman, Justice Surya Kant and Justice V Ramasubramanian. The top court has granted one week time to all the parties to submit any written submissions they would like to bring to the attention of the court.
During the course of the hearing, the Committee of Creditors of Essar Steel argued against the NCLAT judgment while one of the financial creditors, Standard Chartered, argued against the CoC’s decision to create a distinction within financial creditors themselves. The financial creditors argued against granting parity to all creditors, saying it is not something that was envisaged in the Insolvency and Bankruptcy Code.
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