Essar Steel Operational Creditors To Challenge Insolvency Law’s New Amendment


Essar Steel Operational Creditors To Challenge Insolvency Law’s New Amendment

The recent amendments to the Insolvency and Bankruptcy Code (IBC), passed by Parliament and awaiting assent of the President, were brought to the notice of the Supreme Court by a section of creditors on Wednesday. A bench of Justices R F Nariman and Surya Kant was told by some operational creditors in Essar insolvency case that they will be challenging the new amendments passed by Parliament as they affected them. The top court sought assistance of the Attorney General in the matter and requested him to be present on August 19.

The bench was hearing a plea by Committee of Creditors (CoC) of Essar Steel challenging NCLAT’s July 4 order which approved steel tycoon Lakshmi Mittal-led ArcelorMittal’s Rs. 42,000 crore bid for acquiring the debt-laden firm. Read More

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