Stay on NCLT proceedings wll continue; RBI admits error in June 13 press release
Ahmedabad, July 7:
The Gujarat High Court on Friday adjourned the hearing on the Essar Steel Ltds petition challenging the insolvency proceedings filed by its lenders at the National Company Law Tribunal (NCLT) to July 12. This means that stay on NCLT proceedings will continue.
Meanwhile, the Reserve Bank of India (RBI) admitted an error in its June 13 press release, which asked NCLT to prioritise the top 12 non-performing accounts for the insolvency proceedings.
The counsel appearing for the RBI stated that a corrigendum will be issued on the said press release in the part of the fifth para, which had stated, The Reserve Bank, based on the…
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