ArcelorMittal resolution plan violative of IB Code: Ruia to NCLAT
Updated : May 15, 2019 10:46 PM IST
Senior advocate U K Chaudhary, representing Ruia, said that the proposal of ArcelorMittal India was in violation of IBC code as the proposal if approved negates the right of Subrogation of the Guarantor.
According to Chaudhary, this was illegal and was in violation of Indian Contract Act and requested the appellate tribunal to quash the plan.
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