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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