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Essar Steel case: SC rejects operational creditors’ plea, promoters move NCLAT

As is known, the two-member Ahmedabad bench of the NCLT on January 29 ruled that the plea by Essar Steel Asia Holdings’ to consider the Ruias’ settlement plan for Essar Steel was not maintainable. The NCLT had said the Essar plea was not maintainable under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), which empowers it to have jurisdiction to entertain or dispose of any application or proceeding by or against the debtor or corporate person.