The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted an insolvency petition against Gujarat-based Essar Steel India Ltd., which has a total debt of more than Rs. 45,000 crore, out of which more than Rs. 32,000 crore had turned into Non Performing Assets (NPA).
The NCLTs order paves the way for initiating insolvency proceedings against one of the largest defaulters under the newly-enacted Insolvency and Bankruptcy Code 2016.
While rejecting Essars plea to dismiss the proceedings sought by the lenders led by State Bank of India (SBI) and global lender Standard Chartered Bank (SCB), Justice Bikki Raveendra Babu appointed SBI-nominated Satish Kumar Gupta from Alvarez & Marsal India as the Interim Resolution Pro…
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