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Gujarat HC's Essar Steel verdict likely today

Steel News - Published on Mon, 17 Jul 2017

Image Source: SteelGuru
Business Standard reported that the Justice SG Shah of Gujarat high court is expected to pass an order on Essar Steel’s petition, filed on July 4, against insolvency proceedings initiated against it at the National Company Law Tribunal by the State Bank of India led 22 banks’ consortium as well as the Standard Chartered Bank, on Monday.

The report added that Reserve Bank of India on Friday told the Gujarat High Court that there was no supporting document to its June 13 press release, directing banks to initiate insolvency proceedings against 12 non-performing assets, including Essar Steel. The submission was made during the hearing of Essar Steel’s petition, filed on July 4, against insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT) by the State Bank of India (SBI)-led 22 banks’ consortium as well as the Standard Chartered Bank (SCB).

On Thursday, it had asked the RBI to present any documents other than the press release that supported its June 13 circular. The RBI counsel on Friday told the court that the press release was issued after a high-level committee meeting of the RBI decided to issue the directive.

Source :

Posted By : Sanju Moirangthem on Mon, 17 Jul 2017
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