Sources close to the development said, the order to admit the plea was awaited. “They have heard the case.” Last month, lenders led by SBI had sent Electrosteel Steels to the NCLT for further action under the Insolvency and Bankruptcy Code (IBC).
Electrosteel Steels was among the 12 cases identified by the Reserve Bank of India, initially, to be referred to the NCLT under the IBC, 2016.
A resolution plan for Electrosteel Steels was already being discussed with lenders. The plan was to bring in fresh equity into the company from Abhishek Dalmia of the Renaissance group, besides an infusion of another Rs 1,500 crore as loan from Edelweiss.
All proposals related to the case would be discussed…
Read the full article at: http://www.business-standard.com/article/economy-policy/nclt-to-hear-sbi-s-insolvency-plea-against-electrosteel-steels-today-117071000828_1.html
