Business Standard

Essar Steel knew of insolvency move: RBI to Gujarat High Court

Central bank counters steel company's claim of restructuring in Gujarat High Court



Vinay Umarji Ahmedabad
The Reserve Bank of India (RBI) on Wednesday told the Gujarat High Court that Essar Steel’s claim of nearly completing its restructuring and being unaware of insolvency proceedings was false.

Darius Khambata, RBI’s counsel, said the minutes of the meeting between Essar Steel and its lenders revealed that the company was “far from reaching any restructuring settlement”, and Essar Steel was also aware of insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT). 

Essar Steel moved the Gujarat High Court on July 4 to quash insolvency proceedings against it, initiated by a consortium of 22 lenders led by the

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First Published: Jul 13 2017 | 2:38 AM IST

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