Ahmedabad: Essar Steel Ltd has approached the Gujarat high court, challenging the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT) by its lenders after being directed by the Reserve Bank of India (RBI).
A company official said that the matter will be heard in the high court on 7 July.
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Essar Steel submitted that in the year 2016-17, the company had cleared debt to the tune of Rs3,467 crore and that it employs as many as 4,500 people. It further stated in its appeal that an admission by the NCLT of the insolvency application would transfer the administration of an otherwise healing company into the hands of an interim resolution professional.
The company has further contended that it…
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