Between The Lines... July 2019

I. NCLAT approves the resolution plan submitted by ArcelorMittal in the resolution proceedings in respect of Essar Steel India Limited while modifying the distribution of money to the financial and the operational creditors

National Company Law Appellate Tribunal ("NCLAT") in case of Standard Chartered Bank v. Satish Kumar Gupta, R.P. of Essar Steel Limited and Others (decided on July 4, 2019), approved the resolution plan submitted by ArcelorMittal India Pvt. Ltd. ("ArcelorMittal") in the resolution proceedings in respect of Essar Steel India Limited ("Corporate Debtor") while modifying the distribution of money to the financial and the operational creditors.

Facts

In the corporate insolvency resolution process ("CIRP") initiated against the Corporate Debtor, the committee of creditors ("COC") approved the resolution plan submitted by ArcelorMittal. Thereafter, the National Company Law Tribunal, Ahmedabad ("NCLT") approved the said resolution plan with