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Essar Steel: Supreme Court sets aside NCLAT order, clears decks for takeover by ArcelorMittal

Updated : November 15, 2019 03:45 PM IST

The court has clarified that financial creditors enjoy primacy and NCLT cannot interfere with the commercial decisions taken by the Committee of Creditors.
The SC also relaxed timeline of 330 days to find a resolution of the stressed asset as prescribed in IBC.
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