Gujarat HC dismisses Essar Steel’s plea against RBI

India Infoline News Service | Mumbai | July 17, 2017 15:46 IST

As per the latest development, the High Court dismissed the plea by Essar Steel against bankruptcy proceedings initiated by its lenders at the National Company Law Tribunal (NCLT).

PSU bank stocks turned green in the closing hours of trade on Monday after the Gujarat High Court (HC) dismissed Essar Steel's plea against RBI. IDBI Bank was the top gainer on the Nifty PSU index trading at Rs 58 per share, up by 1.49%. Other PSU bank stocks including Bank of India, SBI, Canara Bank, Syndicate Bank and Union Bank were also trading in the positive territory higher by up to 0.7% in the closing hour on Monday.
 
Bank Nifty was trading at 24,006 level, up by 68 points or 0.29% as of 1521 hours.
 
As per the latest development, the High Court dismissed the plea by Essar Steel against bankruptcy proceedings initiated by its lenders at the National Company Law Tribunal (NCLT).
 
Reserve Bank of India (RBI) had picked up 12 companies for the immediate resolution of Non-performing asset (NPAs) under the Insolvency and Bankruptcy Code (IBC). Essar Steel was one of these 12 companies.
 
The RBI’s directive followed amendments to the Banking Regulation Act, which permitted the regulator to intervene directly in the resolution of nearly Rs 10 lakh crore in stressed assets on the books of Indian banks.

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