SC rejects insolvency plea against ECL
The Supreme Court has dismissed appeals by UV Asset Reconstruction Co and Electrosteel Castings Ltd (ECL), upholding a NCLAT ruling. The apex court stated that approving Electrosteel Steels Ltd's resolution plan did not extinguish all debt, allowing claims against ECL as a security provider. ECL was also ruled not to be a corporate guarantor for ESL's loan.
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