HC dismisses Essar Steel's plea against RBI bankruptcy order
The Gujarat High Court today dismissed Essar Steel's petition challenging RBI's directive for initiating insolvency proceedings against the company. Essar's creditors such as SBI and Standard Chartered Bank can now initiate proceedings under the Insolvency and Bankruptcy Code. Essar Steel owed lenders around â¹45,000 crore, of which â¹31,671 crore had become non-performing as of March 31, 2016.