Ahmedabad: In a significant judgement for banking sector with regard to recovery of NPA, the Gujarat High Court today rejected the Essar Steel's plea against the Reserve Bank of India (RBI) circular of June 13 asking lender banks to act under Insolvency and Bankruptcy Code against the steel major and 11 other firms each having over Rs 5,000 crore of outstanding loans.
Though the Steel major, which now faces the danger of liquidation for recovery of the loan of SBI, in all likelihood wo...Read More