ARCELORMITTAL INDIA PRIVATE LIMITED vs SATISH KUMAR GUPTA

The Supreme Court addressed the ineligibility of resolution applicants under Section 29A of the Insolvency and Bankruptcy Code, 2016, determining that both ArcelorMittal India Private Limited and Numetal Limited were ineligible to submit resolution plans due to their connections with promoters of other companies. The Court upheld the findings of the Resolution Professional, emphasizing the importance of the statutory provisions in maintaining the integrity of the insolvency process. The judgment reinforced the strict interpretation of Section 29A, ensuring that entities with certain affiliations are barred from participating in resolution processes.