Beena Parmar
Moneycontrol News
Essar Steel will undergo insolvency proceedings as the Gujarat High Court dismissed the company’s plea against the Reserve Bank of India (RBI).
According to a senior lawyer, “Now, Essar Steel has the option of going to the Supreme Court. They will take a decision in a day or to as time is a critical factor in this. IT will definitely set a precedent for other 11 companies who are in the dock and this will help banks.”
The Gujarat High Court’s order clears the way for no further challenges by any of the companies going to insolvency courts on the grounds made by Essar Steel.
This is a big boost for banks and it will further make way for fast-tracking cases to be heard against 11 other default…
Read the full article at: http://www.moneycontrol.com/news/business/companies/gujarat-high-court-dismisses-essar-steels-plea-insolvency-process-to-continue-2327771.html