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Banks can move NCLT against Essar Steel

DNMUM392647 | 7/18/2017 | Author : DNA Money Correspondent | WC :618

Gujarat HC clears insolvency proceedings against firm, asks central bank not to give directions to judicial authorities

Mumbai: Banks can now initiate insolvency proceedings against Essar Steel in the National Company Law Tribunal (NCLT).
The Gujarat High Court on Monday dismissed a petition filed by the debt-laden company, which had challenged the Reserve Bank of India’s (RBI) circular that directed the banks to take 12 specific NPA cases on priority to the NCLT. One of the 12 companies was Essar Steel.
The court has now asked the banks to approach NCLT to decide the merits of the case.
Essar Steel owed lenders around Rs 45,000 crore, of which Rs 31,671 crore had become
non-performing, as of 31 March 2016.
Essar Steel said in a statement, “In view of the specific facts of Essar Steel, i.e., advanced stage of discussions with len
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