The company, which owes lenders Rs 11,309 crore, was referred to the bankruptcy court under Section 7 of the Insolvency and Bankruptcy Code (IBC) by SBI following a nudge from the Reserve Bank of India (RBI).The Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday asked the interim resolution professional (IRP), appointed for Electrosteel Steels, to submit a progress report on the corporate insolvency resolution process for the steel maker within 10 days.The tribunal, on July 21, admitted the petition filed by the State Bank of India for initiating the corporate resolution process for the Kolkata-based company. It appointed Dhaivat Anjaria, who works as a partner in consultancy firm PwC, as the IRP.
The …
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