 "Essar Steel insolvency case: NCLAT verdict on ArcelorMittal, Numetal today")
The National Company Law and Appellate Tribunal (NCLAT) in New Delhi will on Friday give its verdict over the petitions filed by ArcelorMittal and Numetal in the Essar Steel insolvency case.
The companies had filed petitions challenging the decision by Essar Steel’s resolution professional to bar both from bidding the stressed firm.
The verdict will be significant, given it will set a precedent with regards to what constitutes as an eligible 'resolution applicant' or bidder according to Section 29A of the IBC, say experts.
Regardless of the verdict one can expect both parties to file appeal(s) with the Supreme Court, say lawyers.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%