By: mukesh chand 21 March 2019 12:56 PM GMT “Our reputation is at stake because of this case ………..“, Chairperson Justice S J Mukhopadhaya of the NCLAT during hearing of appeals against the approval of Arcelor Mittal’s resolution plan by NCLT Ahmedabad in Essar Steel case. The words speak for itself. It shows anguish and anxiety about the manner the case has moved through various stages and how defaulters with all means at their disposal to clear dues of the Banks have tried to take the system and the law for a ride. In spite of a very clear and strong judgment by the Supreme Court, the case has proceeded at snail speed so much so that NCLAT had to intervene and set a deadline for order on resolution plan accepted by CoC. The saga of Essar is well summarised by the following quotes from famous book of Jim Collins – How The Mighty Fall. "When those in power begin to imperil the enterprise by taking outsize risks and acting in a … [Read more...] about Where Are We Heading For In Implementation Of IBC ?