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The author is a Corporate Lawyer with 16 years of experience
The court has issued notices to all the stakeholders, viz. the Union of India, Registrar Generals of all the High Courts, the Director-General of Police of all the States and UTs, the National Legal Services Authority, Reserve Bank of India and Indian Bank Association.
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The NCLT also rejected SREI’s contention that ArcelorMittal's resolution plan, approved by the COC, was unfair as it proposed to pay 100% of the principal amounts owed to the secured and unsecured creditors.
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The appointments are made of one judge of the High Court of Tripura, four additional judges of the High Court of Kerala and six judges of the High Court of Rajasthan.
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Kochhar had originally stepped down voluntarily in the wake of the allegations, but her severance was later treated as 'termination for cause'.
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The purpose of the circular was to insulate the financial system from the risks presented by the VCs.
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The pleas by the auditors were filed by Deloitte Haskins & Sells and BSR & Associates LLP (KPMG India) and the individual auditors/audit partners.
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