 "ArcelorMittal, Essar bid, Insolvency and Bankruptcy Code , IBC,Uttam Galva Steels, KSS Petron, PFC,Power Finance Corporation,thermal power projects, ola, uber, Temasek Holdings,Reserve Bank of India, RBI, households’ financial assets,diamond industry")
Ministerial committee may pave way for ArcelorMittal's Essar Steel bid
The insolvency law committee is meeting on Monday to finalise the recommendations to amend Section29A. The section has a provision that bars those related to debtor companies having toxic assets that are classified as non-performing for a year or more from taking part in the bidding process under the Insolvency and Bankruptcy Code (IBC).
The amendments are expected to change the definition of ‘connected-party’, thereby, allowing bids from companies such as ArcelorMittal. The world’s largest steelmaker is facing an eligibility test on the ground that the company and its promoter, L N
