Ahmedabad: The Gujarat High Court on Thursday directed for placing on the record before it an RBI directive to a consortium of 22 lenders to initiate insolvency proceedings against Essar Steel following its high Non-Performing Assets (NPAs).
Hearing the 4 July petition filed by the major steelmaker to seek quashing of insolvency proceedings, a single bench of Justice S.G. Shah expressed its surprise that the Reserve Bank of India (RBI) directive to a consortium of lenders led by the State Bank of India and Standard Chartered Bank had not been placed on court record neither by the petitioner nor the respondents.
It is this directive that is under challenge by Essar Steel, which has claimed in the court, among other things, that it was kept …
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