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"This decision has very clearly re-imposed the IBC (Insolvency and Bankruptcy Code), the process with which the IBC works and the resolution which the IBC enables. And in this case, by the verdict of the today, the credibility and substance and nature of the IBC resolution process has been re-imposed."And therefore I think many of the lingering questions which were in the minds of many people concerned about IBC will all be now answered. Therefore the process could not be better," she said on the Supreme COurt order on Essar Steel case where the supremacy of financial creditors has been established and a long-drawn process has come out with resolution for banks.SBI Chairman Rajnish Kumar too was impressed by the decision on Essar Steel India judgment by the Supreme Court."The Hon'ble Supreme Court of India, in a landmark judgement in the case of Essar Steel India Ltd has upheld that the ultimate discretion on distribution of funds is with the Committee of Creditors. It has held that the secured and unsecured financial creditors are differentiated when it comes to amounts to be paid under a resolution plan, together with what dissenting secured or unsecured financial creditors are to be paid. It has been held that the COC can distribute amongst the secured financial creditors as per their commercial wisdom as COC is not restricted from classifying creditors as financial, operational, secured or unsecured."This much-awaited judgement also settles to rest numerous points of law under the Insolvency and Bankruptcy Code which were tested in various courts. This should significantly reduce the scope for long drawn litigations under IBC and would eventually lead to faster resolutions of stressed assets," he said.The Supreme Court on Friday cleared the way for global steel giant ArcelorMittal's Rs 42,000 crore acquisition of debt-laden Essar Steel, after a two-year-long legal battle that tested India's bankruptcy law. The court set aside a ruling of the National Company Law Appellate Tribunal and said that operational creditors cannot be on a par with financial creditors of a bankrupt company.( With inputs from IANS )

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On a PIL filed by a lawyer, Manohar Lal Sharma, alleging duty evasion in Iron ore exports to China, Supreme Court had recently issued notice to the Union of India (UOI) and 61 iron exporting firms including Essar Steel and Jindal Steel and Power. ...

On a PIL filed by a lawyer, Manohar Lal Sharma, alleging duty evasion in Iron ore exports to China, Supreme Court had recently issued notice to the Union of India (UOI) and 61 iron exporting firms including Essar Steel and Jindal Steel and Power. ...

Although the National Company Law Appellate Tribunal (NCLAT), in an unexpected turn of events, ordered the reinstatement of Cyrus Mistry as Tata Sons' Executive Chairman, several experts, however, differ on the order and some are of the view that the ...

In one of the biggest influxes of FDI in brownfield project, steel and mining major ArcelorMittal and Nippon Steel have infused around Rs 42,000 crore ($6 billion) for its stake purchase in debt-ridden Essar Steel. ...

State Bank of India (SBI) Chairman Rajnish Kumar on Monday said that National Company Law Tribunal (NCLT) is not the right platform for resolution of bankrupt small and medium enterprises (SMEs) ...

The State Bank of India (SBI), the lead banker of the bankrupt Essar Steel, is likely to settle dues of other lenders as it received Rs 40,000 crore on Friday from ArcelorMittal, which is going to takeover the company bringing to an end to the much-p ...

Sensex and Nifty closed nearly 0.50 per cent higher on Tuesday led by index heavyweights. Reliance Industries gained 3.59 per cent, State Bank of India nearly 2 per cent and HDFC Bank by 1 per cent. ...

Finance Minister Nirmala Sitharaman on Friday hailed the long-pending resolution of Essar Steel finally being cleared with a Supreme Court order, saying credibility and substance and nature of the IBC resolution process has been "re-imposed". ...