Standard Chartered Bank vs Satish Kumar Gupta, R. P. of Essar Steel Ltd.

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2019 Supreme(NCLAT) 889

S.J.MUKHOPADHAYA, BANSI LAL BHAT
Standard Chartered Bank – Appellant
Versus
Satish Kumar Gupta, R. P. of Essar Steel Ltd. – Respondent

Advocates Appeared:
For the Appellant :Mr. Kapil Sibal, Sr. Advocate with Mr. Sandeep Singh, Mr. Gaurav Mathur, Ms. Anushree Kapadia, Mr. Adit Pujari and Mr. Raghav Tankha and Mr. Abhishek Shah, Mr. Ankur Mittal, Mr. Ankur Saboo and Mr. Avi Yadav, Advocates.
For the Respondents:Mr. Ramji Srinivasan, Sr. Advocate with Mr. Raunak Dhillon, Ms. Annanya Dhar Choudhary, Mr. Tarun Agarwal and Ms. Sylona Mohapatra, Advocates, Mr. Gopal Subramaniam, Senior Advocate with Ms. Anannya Ghosh, Advocate, Mr. Parag Tripathi, Sr. Advocate with Mr. Dhruv Malik, Mr. Ashish Mukhi, Mr. L. Joshi, Mr. Kamlendra P. Singh and Ms. Madhurima Sarangi, Advocates, Mr. Harish Salve, Mr. Rajiv Nayar and Mr. Neeraj Kishan Kaul, Sr. Advocates with Ms. Ruby Singh Ahuja, Mr. Sudhir Sharma, Mr. Sameen Vyas, Mr. Vishal Gehrana, Mr. Abhishek Swaroop, Mr. Anupm Prakash, Mr. Akhil Anand, Mr. Utkarsh Maria, Ms. Misha Chandna, Mr. Naman Bagga, Mr. Avishkar Singhvi, Mr. Amit Bhandari, Mr. Devanshu Sajalan and Ms. Manjira Dasgupta, Advocates for Arcelormittal India Pvt. Ltd.

JUDGMENT :

Sudhansu Jyoti Mukhopadhaya, J.

In the ‘Corporate Insolvency Resolution Process’ initiated against ‘Essar Steel India Limited’- (‘Corporate Debtor’), the ‘Committee of Creditors’ approved the ‘Resolution Plan’ submitted by ‘ArcelorMittal India Pvt. Ltd.’- (‘Successful Resolution Applicant’) which was approved by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, with certain modifications by impugned order dated 8th March, 2019.

2. A number of applications were preferred by the ‘Operational Creditors’ and the ‘Financial Creditors’ which were disposed of by individual impugned orders or the impugned order dated 8th March, 2019.

3. A group of appeals were heard together. Some of the appeals were heard separately but common impugned order being under challenge and as common question of law is involved, they are disposed of by this common judgment.

4. Mr. Prashant Ruia (Promoter), Appellant in Company Appeal (AT) (Insolvency) No. 257 of 2019, has challenged the order dated 8th March, 2019 on the ground that ‘ArcelorMittal India Pvt. Ltd.

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2019 Supreme(NCLAT) 889

S.J.MUKHOPADHAYA, BANSI LAL BHATStandard Chartered Bank – AppellantVersusSatish Kumar Gupta, R. P. of Essar Steel Ltd. – Respondent

Cases Referred (9)

S.J.MUKHOPADHAYA, BANSI LAL BHAT
Standard Chartered Bank – Appellant
Versus
Satish Kumar Gupta, R. P. of Essar Steel Ltd. – Respondent