Judge Revives Ch. 11 Claims Against Ex-Essar Execs
By Rick Archer (May 5, 2021, 9:16 PM EDT) -- A Delaware bankruptcy judge on Wednesday denied a motion to dismiss a new complaint alleging that former top executives of steelmaker Essar Steel Minnesota helped loot $1 billion from the company and pushed it into Chapter 11, saying it has enough details to be viable.
In his ruling, U.S. Bankruptcy Judge Brendan Shannon said that unlike a complaint he tossed in 2019, the third amended complaint filed in the case by Essar's litigation trustee contains enough specific allegations against former Essar Steel President and CEO Madhu Vuppuluri and Chief Financial Officer Sanjay Bhartia to survive their motion to dismiss.
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