With the Gujarat High Court dismissing Essar Steel’s plea against RBI’s insolvency order, the company today said it should have been given time to complete its debt restructuring.
Essar Steel further said it apprehended that bankruptcy proceedings at this stage may lead to deterioration of the company’s operations delay the resolution discussion with the lender.
“Our request to the high court was that in view of the specific facts of Essar Steel i.E. Advanced stage of discussions with lenders on its debt resolution proposal, payment of Rs 3,467 crore to banks between April 2016 and June 2017, and the substantial improvement in all operating parameters, the company should have been gi…
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