AHMEDABAD: The Gujarat High Court today prevented the National Company Law Tribunal from conducting any further proceeding against Essar Steel till July 12 under the Insolvency and Bankruptcy Code.
A bench of Justice S G Shah stopped the NCLT from proceeding further against the Essar Steel on the firm’s contention that the RBI‘s direction to the banks to initiate action against it under the Insolvency and Bankruptcy Code was improper as its was in advanced stage of restructuring.
On a plea by the Essar Steel, the bench had on July 4 sought the RBI’s reply as to why only certain cases including that of Essar Steel should be accorded priority by the National Company Law Tribunal.
During an elaborate hearing today, the Reserve Bank …
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