Barring defaulting promoters from resolution is ethical, says Arun Jaitley
Updated : January 26, 2019 08:26 AM IST
Earlier in the day, the Supreme Court upheld the IBC 2016 in its entirety and constitutional validity. The verdict upheld the Section 29A of the Code that bars promoters of a company facing insolvency proceedings from bidding to regain its control.
The Supreme Court's verdict and Jaitley's remarks become significant in the backdrop of the tussle going on between ArcelorMittal and Essar Group to gain control over bankrupt Essar Steel, which is undergoing corporate insolvency proceedings since August 2017.