A landmark judgement was passed by the Hon'ble Supreme Court on November 15, 2019, in the matter of Committee of Creditors of Essar Steel India Limited (Appellant) vs. Satish Kumar Gupta & Ors (Respondents).
Please find attached an analysis of the judgement dealing with
important issues including:
(i) Role of the Resolution Professional and the CoC that is
constituted under the IBC
(ii) Jurisdiction of the National Company Law Tribunal and the
National Company Law Appellate Tribunal, qua resolution plans that
have been approved by the Committee of Creditors
(iii) Treatment of secured and unsecured creditors- The equality
principle
(iv) Extinguishment of rights of creditors against guarantors
(v) Undecided claims
(vi) Constitutional validity of Sections 4 and 6 of the Insolvency
and Bankruptcy Code (Amendment) Act, 2019/CIRP time period of 330
days
(vii) Constitution of the Sub-Committee
(viii) CoC does not act as a fiduciary
We trust you will find this helpful. Our team has endeavored to simplify and cut through the complex legal language to put forth these issues in a reader friendly format.
Read the detailed article here.
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