The Insolvency and Bankruptcy law was introduced to consolidate and amend the laws that would give certainty of process, time, and outcome to creditors, borrowers, and other market participants. It has improved the jurisprudence of insolvency in the country. The case also demonstrates the parliamentary form of government as the Corporate Insolvency Resolution Process (CIRP) provisions were clarified even though, the decision of the National Company Law Appellate Tribunal(NCLAT) was pending before the Supreme Court. This case comment attempts to analyze the judgment of the Hon'ble Supreme Court of India (hereinafter referred to as Supreme Court) in the case of Committee of Creditors of Essar Steel India Limited through Authorized Signatory v. Satish Kumar Gupta and Ors, which dealt with a pertinent and extremely contentious issue of the Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC), 2016, and the scope of powers of the Committee of Creditors (CoC) of corporate debtors thereof.

{"references": ["Prachi Bharadwaj, NCLATs order set aside in Essar Steel Insolvency Case; Key issues on Corporate Insolvency Resolution answered, SCC (Dec 20, 2020, 02:12 AM) NCLAT's order set aside in Essar Steel Insolvency case; Key issues on Corporate Insolvency Resolution Process answered | SCC Blog (scconline.com). Ibid. Pallavi Saluja, Essar Steel Judgement: Key Highlights, BAR & BENCH (Dec 13, 2020, 02:10 AM) Essar Steel Judgment: Key Highlights - Bar & Bench (barandbench.com). Pro. D.S. Rathore, Dr. Sangeeta Malpani, et al., Non Performing Assets of Indian Banking System and its Impact on Economy, 7(6), IOSR-JEF, 21, 21-26, {2016)."]}