Business Mantra News
- 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.