Bloomberg/Mumbai
A tribunal in Indias Gujarat state agreed to start insolvency proceedings against Essar Steel India Ltd, the debt-laden mill owned by the billionaire Ruia brothers, according to people familiar with the verdict.
The Ahmedabad bench of the National Company Law Tribunal agreed to a petition from State Bank of India and appointed Satish Kumar Gupta of Alvarez & Marsal as the interim resolution professional, said the people, who asked not be identified as the document hasnt been published. Gupta replaces the board and will run the company until a plan for loan repayment or insolvency is in place, they said. An Essar Steel spokesman confirmed that the case has been admitted.
The decision follows similar verdicts on Bhushan St…
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