Essar Steel owes over 49,000 crore to over two dozen banks led by State Bank of India. Photo: AP
Ahmedabad/Mumbai The National Company Law Appellate Tribunal (NCLAT) has directed the Ahmedabad bench of the National Company Law Tribunal (NCLT) to expedite the insolvency case filed against the Essar Steel Ltd.
On Thursday, while hearing the petition filed by the committee of creditors (CoC) of Essar Steel through State Bank of India against the resolution professional Satish Kumar Gupta and others, the appellate tribunal had directed the Ahmedabad bench of NCLT to expeditiously take a final decision, said two persons privy to the development.
Senior advocate Gopal Subramaniam, who was appearing for the lenders of the Essar Steel, argued tha…