NEW DELHI: The Supreme Court on Wednesday vowed to plug loopholes in the working of Insolvency and Bankruptcy Code (IBC) proceedings, which came to the fore during the ongoing intense fight between ArcelorMittal and Numetal to disqualify each other from bidding to revive debtridden Ruias-led Essar Steel.
A bench of Justices R F Nariman and Indu Malhotra, which had earlier said it would rule against National Company Law Tribunal interfering time and again during the process for finalisation of resolution plan for a debtridden company by Insolvency Resolution Professional (IRP) and Committee of Creditors (CoC), said the working of IRP and CoC too needed streamlining.
All that the IRP does it to examine the bids, finalise it and place i…
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