Essar Steel Insolvency: Operational creditors can challenge IBC changes, says Supreme Court

The apex court had on July 22 put on hold ArcelorMittal’s takeover of Essar Steel, after the lenders had sought a stay on the National Company Law Appellate Tribunal’s (NCLAT) ruling that reduced their share of sale proceeds from 90% to 60% and also put the financial creditors and operational creditors at par in settlement of claims.

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