Essar Steel insolvency case: From RBI notice to denial of relief by Gujarat

The story so far: The Gujarat HC recently dismissed Essar Steel's plea challenging RBI's insolvency

The Gujarat High Court on Monday disposed of Essar Steel’s petition against insolvency proceedings initiated by its lenders after a directive by the Reserve Bank of India (RBI). 

On July 4, Essar Steel, promoted by the Ruias, had filed a petition against the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT). Commenting on the court’s observations that the NCLT will have to decide on its own whether the insolvency petition is required to be entertained or not, Essar Steel stated in an official communiqué, "We respect the decision (of the court)... And will accordingly be raising these issues for consideration by the NCLT." 

Subsequently, on Tuesday, the Ahmedabad Bench of the NCLT adjourned the hearing of the insolvency petition against Essar Steel to Monday(July 24), while directing the company to file its objections by Saturday. 

Essar Steel had sought an extension on the order to prepare objections.  

Here is a timeline of the insolvency case against Essar: