Summary of landmark judgment of Supreme Court in Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta & Ors., in Insolvency and Bankruptcy Code, 2016

Acceding to request of Committee of Creditors, in order to do complete justice under Article 142 of the Constitution of India, and also for the reason that the law on Section 29A has been laid down for the first time by this judgment, we give one more opportunity to both resolution applicants to pay off the NPAs of their related corporate debtors within a period of two weeks from the date of receipt of this judgment, in accordance with the proviso to Section 29A(c).

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