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Court dismisses Essar Steel appeal against bankruptcy proceedings

Reuters  |  MUMBAI 

MUMBAI (Reuters) - The Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a central bank order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said.The ruling is a boost to the government, which in May tweaked the banking laws to empower the Reserve Bank of India (RBI) to tackle the country's bad debt issue, allowing the RBI for the first time to direct lenders to force defaulters into insolvency courts.Essar Steel had argued that it should have been given an opportunity to present its case before the Reserve ...

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First Published: Mon, July 17 2017. 19:30 IST