Essar Steel challenges RBI's insolvency move in Gujarat HC
Essar Steel has filed a petition in the Gujarat High Court, challenging the insolvency proceedings initiated against it based on RBI's directions. Essar Steel said the company cleared a debt of â¹3,467 crore in 2016-17 and employs around 4,500 people. The company said it was trying to restructure a solution approved by its board and slammed RBI's decision as arbitrary.