Analysis of the Judgment of the Hon’ble NCLT, Ahmedabad Bench in the matter of ESSAR STEEL: Rejection of Promoter Ruia’s Settlement Bid by Akash Sharma The NCLT, Ahmedabad Bench has rejected the settlement offer by the Ruia family, Essar Steel Limited’s promoter. The offer was made on the day the COC approved Arcelor Mittal’s resolution plan for the insolvent Essar Steel. ......
Can Corporate Insolvency Resolution Process be initiated against a company which has been struck off under Section 248 of the Companies Act, 2013? Striking off means the removal of a Company's name from the register of the companies. A company may be struck off the register and dissolved if an application has been submitted to the Registrar or the Registrar concludes that it is not in operation. ......
We must admit that we are disappointed by the Hon'ble Supreme Court Judgment in Mobilox Innovations Private Limited under IBC. Our contentions are as follows:- The Hon'ble NCLAT stated (referred in para 5 of the Order of the Hon'ble SC) "39. In the present case the adjudicating authority has acted, mechanically and rejected the application under sub-section (5)(ii)(d) of Section 9 without examini......