2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Steel Authority of India Limited (SAIL)
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Tata Steel
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JSW Steel
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ArcelorMittal
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Detailed explanation-1: -The Supreme Court paved the way for ArcelorMittal’s takeover of Essar Steel for Rs 42,000 crore and set aside the July 4 National Company Law Appellate Tribunal (NCLAT) order giving equal status to financial creditors and operational creditors.
Detailed explanation-2: -The Competition Commission of India (CCI) approved the acquisition of the assets of Essar Group by ArcelorMittal Nippon Steel India Limited.
Detailed explanation-3: -Committee of Creditors of Essar Steel Limited v Satish Kumar Gupta and Ors. The Essar Steel Case is a landmark judgment in the arena of Insolvency & Bankruptcy Law, which decided the supremacy of the financial creditors in the Committee of Creditors in cases of distribution of claims.
Detailed explanation-4: -Accordingly, it said the entire existing issued, subscribed and paid-up share capital (both equity and preference) of the company stood cancelled and extinguished with effect from December 16, 2019.
Detailed explanation-5: -After insolvency, Essar Steel India Limited was acquired by ArcelorMittal Nippon Steel India Limited. Aditya Mittal is the Chairman of ArcelorMittal Nippon Steel and Dilip Oommen is the CEO.