Key Highlights
- Essar Steel told Gujarat HC that they should have been given time to complete its debt restructuring.
- Gujarat HC rejected Essar Steel’s petition filed against RBI and its creditors SBI and Standard Chartered Bank
- Essar Steel owed lenders around Rs 45,000 crore, of which Rs 31,671 crore had become bad loan
The 180 days countdown has begun for Essar Steel from today after Gujarat High Court rejected the company’s petition filed against Reserve Bank of India and its creditors State Bank of India and Standard Chartered Bank.
The global steel producer, Essar Steel had moved Gujarat HC challenging the central bank’s insolvency move against the company at National Company Law Tribunal (NCLT).
Soon after the court’s…
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