Ahmedabad, Jul 13 () The State Bank of India today told the Gujarat High Court that Essar Steel had “suppressed facts” while challenging the RBI’s directive to lender banks to initiate insolvency proceedings against the company.
SBI counsel Ravi Kadam told the bench of S G Shah that Essar Steel had accepted a decision by the joint lenders forum (JLF) of the banks to approach the National Company Law Tribunal (NCLT) for insolvency proceedings against the firm.
The SBI is one of the respondents in the steel major’s plea to the high court.
Kadam said the company knew through a June 15 letter from SBI that the JLF was planning to initiate insolvency proceedings, but it “suppressed the fact” by not revealing this before t…
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