AHMEDABAD: The Gujarat High Court on Friday reserved its order for Monday on Essar Steel‘s plea against the June 13 RBI circular to banks to act under Insolvency and Bankruptcy Code against the steel major and eleven other firms with over Rs 5,000 crore of outstanding loans each.
A bench of Justice S G Shah reserved the judgement for July 17 after conclusion of the arguments by the steel major and those of RBI and SBI. The bench had earlier stayed the insolvency proceedings against Essar Steel before the National Company Law Tribunal (NCLT) as an interim measure on its plea. Essar Steel had moved the court against the June 13 RBI circular contending that the order was improper as the firm was in an advanced stage of loan restru…
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