In another setback for Essar Steel, the Ahmedabad bench of National Company Law Tribunal (NCLT) on Wednesday admitted the insolvency petition against the defaulter company filed by lenders State Bank of India (SBI) and Standard Chartered Bank (SCB) in a common order.
Through the order, the NCLT bench rejected Essar Steel’s plea to not initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC) 2016, since a debt-restructuring plan was underway with the lenders.
The tribunal bench, chaired by Justice Bikki Raveendra Babu, appointed SBI-nominated Satish Kumar Gupta of Alvarez and Marsal India as the interim resolution professional (IRP) for Essar Steel. Londo…
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