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What is Essar Steel Insolvency Resolution Case about?

1. The Supreme Court set aside an order by the NCLAT that substituted its own decision for the commercial wisdom of the Committee of Creditors in approving a resolution plan for Essar Steel India Limited. 2. The Court held that the role of the Committee of Creditors is to approve a resolution plan by a 66% majority vote that considers feasibility, viability and other requirements. The Committee takes a business decision that binds all stakeholders. 3. The adjudicating authorities

Author

Lakshay Gupta

Language

EN