Table of Contents
Current Affair
- SC judgement
- Mittal to take over Essar Steel
Different types of creditors
- Companies Act, 2013
- IBC
- Operational Creditor
- Financial Creditor
Dispute
- Essar Steel owes around Rs.54,500 crore to creditors
- Had been put on block under IBC
- NCLT
NCLAT ORDER
- Equal distribution of funds
- Operational creditors to be treated on par with financial creditors
- CoC
SC judgement
- Overrules NCLAT’s judgement
- Take over by Mittal
- CoC final say
Significance
- Bankruptcy cases- quickening cases
- Primacy- Primary of Financial creditors
- Time limit- 330 day limit for resolution
- Banks- could recover over 90% debt
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