The Gujarat High Court’s decision to dismiss Essar Steel’s petition challenging the initiation of bankruptcy proceedings against the company came as a huge relief to the Reserve Bank of India (RBI). But will the RBI’s cheer last? There is no clear answer to that if one goes by the court’s other observations on the central bank in the 83-page order.
While the court had every reason to feel offended by the RBI’s ill-advised press release dated June 13, which said that the cases of 12 companies identified for insolvency proceedings “will be accorded priority by the National Company Law Tribunal (NCLT)”,
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