{"id":56850,"date":"2019-07-22T17:25:28","date_gmt":"2019-07-22T11:55:28","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=56850"},"modified":"2019-07-22T17:25:28","modified_gmt":"2019-07-22T11:55:28","slug":"supreme-court-orders-status-quo-in-essar-insolvency-case","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/supreme-court-orders-status-quo-in-essar-insolvency-case","title":{"rendered":"Supreme Court orders status quo in Essar insolvency case"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"272\" height=\"185\" data-attachment-id=\"56190\" data-permalink=\"https:\/\/www.legalindia.com\/news\/supreme-court-seeks-response-from-centre-cbse-on-plea-seeking-10-quota-for-economically-weaker-sections-in-ctet-2019\/download-6-6\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?fit=272%2C185&amp;ssl=1\" data-orig-size=\"272,185\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"download (6)\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?fit=272%2C185&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?fit=272%2C185&amp;ssl=1\" class=\"alignleft size-full wp-image-56190\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?resize=272%2C185&#038;ssl=1\" alt=\"\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?w=272&amp;ssl=1 272w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?resize=147%2C100&amp;ssl=1 147w\" sizes=\"auto, (max-width: 272px) 100vw, 272px\" \/><\/a>The Supreme Court Monday ordered status quo as of today in the Essar insolvency case.<\/p>\n<p>A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.<\/p>\n<p>The bench was hearing a plea of the Committee of Creditors challenging NCLAT&#8217;s order of July 4 in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal&#8217;s Rs 42,000 crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.<\/p>\n<p>The National Company Law Appellate Tribunal (NCLAT), however, gave operational creditors equal status as lenders in the distribution of the ArcelorMittal&#8217;s bid amount among the creditors of Essar Steel.<\/p>\n<p>Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court Monday ordered status quo as of today in the Essar insolvency case. A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7. The bench was hearing a plea of the Committee of Creditors challenging NCLAT&#8217;s order of July [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":56190,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1954],"tags":[45102,47726],"class_list":["post-56850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-profile-cases","tag-essar-insolvency-case","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Supreme Court orders status quo in Essar insolvency case - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Supreme Court Monday ordered status quo as of today in the Essar insolvency case. 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A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible under\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":54291,"url":"https:\/\/www.legalindia.com\/news\/sc-grants-one-more-opportunity-to-arcelormittal-numetal-to-bid-for-essar-steel","url_meta":{"origin":56850,"position":1},"title":"SC grants one more opportunity to ArcelorMittal, NuMetal To Bid For Essar Steel","author":"Legal India Admin","date":"October 4, 2018","format":false,"excerpt":"NEW DELHI: The Supreme Court\u00a0bench comprising Justices R F Nariman and Indu Malhotra on thursday granted one more opportunity to mining major ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid for Essar Steel if they clear their NPA dues in two weeks. The top court asked the Committee of Creditors\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/essar660_032718074045_032918060350_100418121129.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/essar660_032718074045_032918060350_100418121129.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/essar660_032718074045_032918060350_100418121129.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":49058,"url":"https:\/\/www.legalindia.com\/news\/gujarat-hc-raps-rbi-giving-directions-nclt","url_meta":{"origin":56850,"position":2},"title":"Gujarat HC raps RBI for giving directions to NCLT","author":"Legal India Admin","date":"July 18, 2017","format":false,"excerpt":"The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. 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An NGT bench of its acting Chairman Justice A S\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16954,"url":"https:\/\/www.legalindia.com\/news\/2g-supreme-court-to-hear-essar-techs-plea-feb-17","url_meta":{"origin":56850,"position":4},"title":"2G: Supreme Court to hear Essar Tech&#8217;s plea Feb 17","author":"Legal India Admin","date":"February 9, 2012","format":false,"excerpt":"Essar and Loop group, charge sheeted along with its promotors, today today moved the Supreme Court challenging the criminal proceeding against it before the special CBI court in the 2G case. 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The companies say their case should not be heard by the Central Bureau\u2026","rel":"","context":"In &quot;Top Law News&quot;","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-eMW","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/56850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=56850"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/56850\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/56190"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=56850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=56850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=56850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}