SBI Led Banks Enforce Essar Steel’s Insolvency

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  • Insolvency case of Essar Steel had been admitted by National Company Law Tribunal (NCLT) at the behest of State Bank of India (SBI) and Standard Chartered Bank (SCB)
  • Under the Insolvency & Bankruptcy Code (ICB) proceedings to start very soon against Essar Steel
  • Essar under debt of Rs.45000 Crores of which Rs.31671 already NPA
  • Satish Kumar Gupta has been appointed as Interim Resolution Professional (IRP) for the proceedings against Essar Steel
  • Earlier Essar Steel had approached Gujrat High Court for non-inclusion of its name in 12 major defaulters under ICB, which was turned down by Gujrat High Court.
  • It is being observed that this move by NCLT shall have far reaching effects on the other defaulting borrowers who owe huge amounts to banks.

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