In relief for Essar Power MP, NCLT to hear insolvency case on Dec 3

This is the third group company after Essar Steel and Essar Power Jharkhand for which lenders have sought insolvency

After ICICI Bank initiated insolvency proceedings against Essar Power MP, the company on Tuesday got relief with the National Company Law Tribunal (NCLT) deciding to post the next hearing for December 3. The company promoters had pleaded that the Supreme Court's order on the Reserve Bank of India's February 12 notification ordered status quo and, hence, lenders could not proceed with insolvency. 

ICICI Bank had earlier moved the NCLT seeking initiation of insolvency proceedings against Ruia-promoted Essar Power MP, under Section 7 of Insolvency and Bankruptcy Code. A consortium of lenders, including Power Finance Corporation and Rural Electrification Corporation, has