Abstract
Essar Steel India Limited (ESIL) participated in an auction under the new Indian Insolvency and Bankruptcy Code (IBC) of 2016 to recover outstanding dues totalling ₹545,470 million owed to financial lenders and operational creditors. The acquisition process, initiated in August 2017, concluded in December 2019, with ArcelorMittal paying ₹420,000 million. This marked the resolution of a prolonged two-year legal dispute. Essar’s case served as a significant milestone in the implementation of the IBC 2016, establishing legal precedents such as the non-interference principle regarding commercial decisions made by the Committee of Creditors by the National Company Law Tribunal. The National Company Law Appellate Tribunal and the introduction of Section 29A were additional developments. The case aims to assess the motivations behind ArcelorMittal’s acquisition of ESIL, evaluate the appropriateness of ArcelorMittal’s approach and examine the impact of the protracted legal battle spanning two years on the deal.
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