Essar Group director Prashant Ruia has recently moved a new application before the National Company Law Tribunal (NCLT) seeking to set aside ArcelorMittal's bid to take over the debt-crippled company.
The fresh petition was moved on February 1, 2019, by Ruia, along with former Essar Steel managing director Dilip Oommen and project director Rajiv Kumar Bhatnagar, citing the January 31, 2019, Supreme Court judgment in the Ruchi Soya case.
The application was filed pursuant to an order passed by the NCLT on January 29, 2019, wherein it had rejected the debt settlement proposal put forth by Essar Steel Asia Holdings, despite it being much higher at Rs 54,389 crore than ArcelorMittal’s offer worth Rs 42,000 crore.
The fresh petition claims that though Oommen and Bhatnagar were removed after the insolvency process began, they still “continue to be part of the day-to-day management of Essar Steel and hold the designations of managing director and director (projects), respectively.”
The NCLT Bench comprising Manorama Kumari and Harihar Prakash Chaturvedi said it will decide on Tuesday (February 5, 2019) whether the petition will be admitted or not.
NCLT Benches to Switch Back to Virtual Hearings From 12th April.
Legal Insiders
Apr 13, 2021
Athira Nair
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Editor: Ekta Joshi
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Due to a significant increase in the number of COVID-19 cases throughout the country. The National Company Law tribunal (NCLT) has decided to take up regular hearing through Video Conference.This decision comes in rebuttal of its order dated February 23rd, for resumption of physical hearings. The tribunal has sent a notice to the benches stating the they will take up the cases through virtual mode. The principal bench of NCLT shall comprise of BSV Prakash Kumar (Acting President) and...
NCLT to switch to virtual hearings from April 12, 2021
Legal Insiders
Apr 10, 2021
Prachi Jain
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Editor: Ekta Joshi
)
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Due to the raging pandemic throughout the country, the NCLT, National Company Law Tribunal has switched to video conference with effect from April 12, 2021, at all its Benches.The decision supersedes the order dated February 23, 2021 for the resumption of physical hearings.The Benches that will take up the cases through virtual hearings are already notified by the Tribunal.The principal bench of the NCLT shall comprise of BSV Prakash Kumar (acting president) and Hemant Kumar Sarangi...
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