हिंदी समाचार पढ़े
Expand
O.P. Jindal Global University
 
Home / Corporate Law News / Essar Steel Bid: Supreme Court allows ArcelorMittal & NuMetal to participate, exercises power under Article 142

Essar Steel Bid: Supreme Court allows ArcelorMittal & NuMetal to participate, exercises power under Article 142

October 4, 2018:

Essar-Steel
Essar-Steel

On Thursday, Supreme Court has granted one more opportunity to major Mining Firms ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel if they clear their Non-Performing Asset (NPA) dues by two weeks.

Bench comprising of Justice R F Nariman and Justice Indu Malhotra held that both the Firms were ineligible under amended ‘Insolvency and Bankruptcy Code’ to bid for the Firm but granted them a fresh opportunity after taking note of the petition of Committee of Creditors that it does not want Liquidation of Essar Steel.

Apex Court exercised its extraordinary power under Article 142 of the Constitution in allowing ArcelorMittal and NuMetal to make fresh bid for Essar Steel.

Top Court asked the Committee of Creditors to take a decision within 8 Weeks on Rival Bids of NuMetal & ArcelorMittal for Essar Steel.

It also said that time lost in National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT) and Apex Court in dealing with Cases under ‘Insolvency Code’ shall be excluded from mandatory 270 days Resolution Period.

Top Court held that if nothing materialises within 8 weeks then Essar Steel shall go into Liquidation.

ArcelorMittal had alleged NuMetal was not eligible to bid for Essar Steel on several grounds, including that it was a “shell company” created by a firm in which Essar group promoters had majority shares, and if they had to become eligible they would have to clear their earlier debts.

NCLAT had ruled that NuMetal’s 2nd bid for Essar Steel was eligible, but the same by ArcelorMittal would qualify only if it cleared the Rs. 7,000 Crore dues of 2 firms it was previously associated with.

While ArcelorMittal had challenged the order asking it to pay Rs 7,000 crore to become eligible for the bidding, NuMetal had alleged that NCLAT had “wrongly” applied Legal Provisions to enable its Rival Bidder to pay the dues of 2 Debt-ridden firms even after it had bid for Essar Steel.

NCLAT had ruled that NuMetal’s 2nd bid for Essar Steel was eligible but the same by ArcelorMittal will qualify only if it cleared the Rs. 7,000 Crore dues of the 2 firms, Uttam Galva and KSS Petron, it was previously associated with.

Source: PTI

Facebook Comments

Hindu

Hindu Hindu

TOI

Hindu

Hindu

TOI Delivery Boy Delivery Boy                    by Satish

TOI

Job Hazards

IBN IBN

Pic by Hindu Women Empowerment and Sports Women Empowerment and Sports

TOI

Let Justice Be Let Justice Be Hindu Hindu Tax Reforms    by Hindu Tax Reforms by Hindu

TOI

Hindu

TOI

Demonitisation Diaries 1 Demonitisation Diaries 1                                  pic by sify   Demonitisation Diaries 2 Demonitisation Diaries 2  pic by sify [caption id="attachment_97477" align="alignleft" width="621"]UIDAI Leaks UIDAI Leaks[/caption] State of Two Nations State of Two Nations               pic by sandeep Soaring of Oil Prices pic by indiaone TOI TOI Cartoon If India takes One Step, we will take Two by Satish If India takes One Step, we will take Two ...................by Satish Demonitisation Diaries Demonitisation Diaries                                                       by sify [caption id="attachment_97467" align="alignleft" width="621"]Humour with Latest Laws Humour with Latest Laws[/caption]

Hindu Hindu

Alligator vs Litigator Alligator vs Litigator America First Walk Your own Talk Auto Driver thrashed for no fault Auto Driver thrashed for no fault,                  source oneindia

Hindu

Hindu

Hindu ALL_1_Theme_01A_24_2383617g

Hindu

Time to straighten up Time to straighten up                pic by TOI TOI

TOI

TOI

Hindu Missing the Point Missing the Point pic by english blog Hindu Lawyers Bearing the Burden Literally Lawyers Bearing the Burden Literally pic by OMG

TOI

TOI TOI Acheche DIn Acheche Din     pic by sify Humour @ Latest Laws Achhey Din Humour @ Latest Laws: Achhey Din

Hindu

150425_-_farmers_a_2384764f

Hindu

Hindu

Hindu Hindu

TOI

Hindu

[caption id="attachment_97462" align="alignleft" width="524"]Painting India Saffron Painting India Saffron[/caption] [caption id="attachment_97474" align="alignleft" width="621"]Donald Trump’s immigration ban Donald Trump’s immigration ban[/caption] Four Pillars of Democracy Four Pillars of Democracy             by Satish Hindu Hindu State of Affairs Women Safety: State of Affairs             pic by mangal

...as an eminent lawyer you ought to know that your action tantamount to, under Section B, sub-section G.VIX, read along with I.P.C. (A) XI (B), notwithstanding...                                        TOI

pinterest

Belts are for Dogs Belts are for Dogs
 
 
 

Check Also

Sabrimala Verdict Stress

Sabrimala row: Man sets himself ablaze at protest site, dies

December 13, 2018: On Thursday, a 49-year-old man died after setting himself on fire near the venue of BJP leader CK Padmanabhan’s sit-down protest, against what he described as the Kerala govt.’s anti-Sabarimala stand, in Thiruvananthapuram. The man, who was ...

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest laws

Join our mailing list to receive the Latest Laws News and updates from our team.