The Saga Of Unending Resolution Process Under IBC Part – II

CASE STUDY ON ESSAR STEEL – A NEVER ENDING LITIGATION

PART- II

The NCLT Ahmedabad Bench vide its order dated 19.04.2018, in the IAs filed by Arcelor Mittal & Numetal, remanded the matter back to the COC for their reconsideration.

This order was challenged by way of Appeals by both Numetal and AMIPL, respectively, before the Appellate Authority i.e. the NCLAT.

However, before these appeals could be decided, the COC, in compliance with the order of the NCLT, disqualified both AMIPL & Numetal on 08.05.2018

On appeals, NCLAT passed an order and held that Numetal is Eligible while declaring AMIPL to be ineligible under Section 29A. However, 2 days time was granted to AMIPL for removing the ineligibility under Section 29A of the code.