Ahmedabad/Mumbai: Essar Steel Ltd has approached Gujarat high court on Tuesday, challenging the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT).
A communique from the company said that the HC will further hear its petition on July 7.
While no further official details are available, an executive close to the company suggested that the petition questioned the selection of 12 cases by the Reserve Bank of India (RBI) for resolution under the Insolvency and Bankruptcy Code.
The petition reportedly argues that while other stressed companies have been granted six months time for settlement, Essar and the 11 other companies were not. According to the company official, Essar’s petition quest…
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