The Gujarat High Court will on Friday hear Essar Steels petition for staying the insolvency proceedings against the company over a plea submitted by its lenders at the National Company Law Tribunal (NCLT).
Adjourning the hearing till July 7, the high court’s single-judge bench had asked the Reserve Bank of India (RBI) to submit its reply on the matter even as it ordered the NCLT to hold back insolvency proceedings until the next hearing.
The RBI is expected to file its reply to the court on Friday and this is could well decide the future of the case. On June 13, RBI had asked banks to initiate insolvency proceedings against 12 debtor companies, including Essar Steel, whose 60 per cent debt had tur…
Read the full article at: http://www.business-standard.com/article/companies/gujarat-hc-to-hear-essar-steel-s-plea-to-stay-insolvency-proceedings-today-117070700642_1.html
