SC has held the resolution plans submitted by ArcelorMittal and Numetal as ineligible under S. 29 A (c) of IBC, however, it has allowed them to submit their revised resolution plans for Essar Steel only after:

• Numetal clears all dues of Essar Steel and bad debts of over one year of other Essar Group entities and
• ArcelorMittal clears its dues of Uttam Galva Steels and KSS Petron within 2 weeks.

They are required to submit the same in 8 weeks thereafter.

SC has also said that the revised resolution plans will be considered by majority of CoC and if it did not find merit in either of them, then Essar Steel would go into liquidation.

The Court also diluted the role of NCLT and NCLAT and said they would step in only after resolution plans were approved by the CoC.

For more: https://www.sci.gov.in/supremecourt/2018/33945/33945_2018_Judgement_04-Oct-2018.pdf