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FICCI statement on Supreme Court's judgement on Essar Steel

Nov 16, 2019

 

NEW DELHI, 16 November 2019: FICCI welcomes the Supreme Court judgment on Essar Steel which upholds the fundamental theme of IBC that commercial decisions of the Committee of Creditors are not open to judicial review.

"At a time when there is high level of interest among foreign investors, the judgment would bring certainty to resolution process, in line with global practices and help India retain its status of preferred investment destination," said Mr Sandip Somany, President, FICCI.

Upholding of the doctrine that financial creditors shall rank ahead of operational creditors bodes well for the Indian banking industry as well as potential foreign investors, added Mr Somany.