You are here: Home » Finance » News » Banks
Business Standard

SBI pushes Essar Steel auction deadline to Feb 11 on developments at NCLAT

The appellate tribunal has directed the Ahmedabad Bench of NCLT to pass an order on the insolvency resolution of Essar Steel on Jan 31

Namrata Acharya  |  Kolkata 

SBI in talks with PEs, hedge funds to sell Rs 15,431-crore Essar loan

State Bank of India (SBI) has extended the deadline of e-bidding of its loan exposure to Essar Steel to February 11. It has also extended the deadline for the submission of expression of interest (EoIs) for the bidding to January 30.

SBI was slated to auction the debt of Rs 15,431 crore to Essar on January 30. The last date for submission of EoIs was earlier extended from January 18 to January 23 "pursuant to the request of some potential buyers", according to an SBI notification.

ALSO READ: Conclude Essar Steel insolvency case by January 31: NCLAT to NCLT

The extension of deadline follows developments in the National Company Law Appellate Tribunal (NCLAT) on Wednesday. The appellate tribunal has directed the Ahmedabad Bench of NCLT (National Company Law Tribunal) to pass an order on the insolvency resolution of Essar Steel on January 31. A two-member Bench of NCLAT had said that if NCLT did not pass any order by January 31, NCLAT would take up the matter on February 4.

ALSO READ: SBI likely to put auction of debt exposure to insolvent Essar Steel on hold

First Published: Thu, January 24 2019. 22:25 IST
RECOMMENDED FOR YOU