IDBI BANK LTD Vs. ESSAR STEEL LTD

JUDGEMENT

(1.) Essar Steel Limited (hereinafter referred to as Applicant filed this petition through Mr, Satfsh Kumar Gupta, Resolution Professional under section 60 (5) of Insolvency and Bankruptcy Code, 2016 seeking the following reliefs. (a) to admit the application under Section 60 (5) (a) & (c) of the IB Code; (b) to declare pipeline asset as asset of the Corporate Debtor (Essar Steel India Limited/Applicant) (c) direct Calcutta High Court for disposal of the Appeal against Odisha Slurry Pipeline Infrastructure Limited (hereinafter referred to as Respondent ho. 1 arid Shree SREI Infrastructure Limited (hereinafter referred to as Respondent No. 2) .

(2.) This adjudicating Authority by its order dated 02.08.2017 in the matter of Standard Chartered Bank vs. Essar Steel (India) Limited [CP/IB No. 39 of 2017) and SBJ vs. Essar Steel (India) Ltd. (CP(IB) 40 of 2017) admitted the application for commencement of Corporate Insolvency Resolution Process in respect of Essar Steel India Ltd. (Corporate Debtor/Applicant) under the provisions of Insolvency and Bankruptcy Code, 2016 (IB Code) . This Adjudicating Authority appointed Mr. Satish Kumar Gupta as Interim Resolution Professional (IRP) and imposed moratorium in terms of Section 14 of the IB Code. Committee of Creditors in its first meeting held on 01.09.2017 resolved to appoint Mr. Satish Kumar Gupta by majority of votes as Resolution Professional for the Corporate Debtor.

(3.) The following facts are necessary for disposal of these applications.