PSBs gain up to 17% as SC sets aside NCLAT judgement in Essar Steel case

Shares of public sector banks (PSBs) inched higher at the bourses on Friday, with the Nifty PSU Bank index gaining more than 3 per cent after the Supreme Court said the NCLAT cannot interfere with the commercial decisions taken by banks in Essar Steel case.

According to reports, while pronouncing the judgement, the Court set aside the NCLAT's judgment and said there was "no doubt that the ultimate discretion on distribution is with Committee of Creditors (CoC)".

"If NCLT finds that legal parameters are not met, it can send it back to Committee of Creditors, but it cannot tinker with