Committee of Creditors of Essar Steel (India) Limited Through State Bank of India Vs. Satish Kumar Gupta and others [Company Appeal (AT) (Insolvency) No. 03 of 2019] - Synopsis
Team SoOLEGAL 6 Jan 2021

In this case, Committee of Creditors of Essar Steel (India) Limited Through State Bank of India Vs. Satish Kumar Gupta and others [Company Appeal (AT) (Insolvency) No. 03 of 2019], National Company Law Appellate Tribunal was of the view that, this specific case was eventually resolved by the Hon'ble Supreme Court in ArcelorMittal India Private Limited v. Satish Kumar Gupta & Ors. Civil Appeal No. 9402-9405 of 2018 by its judgement of 4 October 2018. It was told that the Committee of Creditors subsequently passed an order under Section 30 (4) of Insolvency Bankruptcy Code, 2016, and on 26th October, 2018, Resolution Professional had referred the case to the Adjudicating Authority for passing an order under Section 31 of Insolvency Bankruptcy Code, 2016. It was not clear to the Bench as to why, after the judgement of Supreme Court in ArcelorMittal India Private Limited case, and after the approval of Committee of Creditors and execution of Resolution Plan, the NCLT had postponed the particular case twice. Despite the judgement of the Supreme Court the Bench did not make any observation regarding the non-disposal of this particular matter and had trusted the Adjudicating Authority for passing an order under Section 31 of Insolvency Bankruptcy Code, 2016, by considering the decision of Supreme Court in ArcelorMittal India Private Limited case. The Bench had also stated that, in the event that the Adjudicating Body does not issue any order in conformity with the statute at an early date, it would be available to the Appellant to put the matter before the Appellant Tribunal. 

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