https://www.taxtmi.com/caselaws?id=367209 The judgment focused on the eligibility of 'Numetal Ltd.' and 'AM India Ltd.' to submit resolution plans for 'Essar Steel India Ltd.' under Section 29A of the Insolvency and Bankruptcy Code. 'Numetal Ltd.' was found ineligible due to its association with an ineligible person, while 'AM India Ltd.' was deemed ineligible despite divesting its shareholding in certain non-performing assets. The Adjudicating Authority directed the Committee of Creditors to revisit their decisions in compliance with the legal framework, emphasizing procedural fairness and transparency in the Corporate Insolvency Resolution Process. The judgment also clarified the interpretation of "persons acting in concert" and excluded the appeal period from the CIRP timeline. en-us Fri, 07 Sep 2018 00:00:00 +0530 Sun, 16 Sep 2018 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367209 The judgment focused on the eligibility of 'Numetal Ltd.' and 'AM India Ltd.' to submit resolution plans for 'Essar Steel India Ltd.' under Section 29A of the Insolvency and Bankruptcy Code. 'Numetal Ltd.' was found ineligible due to its association with an ineligible person, while 'AM India Ltd.' was deemed ineligible despite divesting its shareholding in certain non-performing assets. The Adjudicating Authority directed the Committee of Creditors to revisit their decisions in compliance with the legal framework, emphasizing procedural fairness and transparency in the Corporate Insolvency Resolution Process. The judgment also clarified the interpretation of "persons acting in concert" and excluded the appeal period from the CIRP timeline. Case-Laws Insolvency and Bankruptcy Fri, 07 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367209