INDIA: SUPREME COURT QUASHES CRIMINAL CASES, LOOKOUT NOTICES AGAINST PRAMOD MITTAL

On 20^th March, the Economic Times reported that the Supreme Court has quashed all criminal cases and lookout notices against NRI businessman Pramod Mittal, his wife and children after he paid up all his dues to public sector enterprise State Trading Corporation (STC).
The younger brother of steel magnate Lakshmi Mittal, was facing multiple court proceedings in India and abroad.  STC has also agreed not to pursue winding up proceedings against Mittal’s company Global Steel Holding Ltd (GSHL) in the Isle of Man courts.  The bench invoked its extraordinary powers to quash all proceedings, possibly a first in a corporate debt case.
https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/supreme-court-quashes-criminal-cases-lookout-notices-against-pramod-mittal/articleshow/68490420.cms

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017