Insolvency proceedings against India’s Essar Steel get go-ahead as court accepts banks' petition

India’s National Company Law Tribunal (NCLT) has approved the commencement of insolvency proceedings against debt-laden Indian steelmaker Essar Steel.

The NCLT – a quasi-judicial court that adjudicates on issues relating to companies in India –  accepted petitions from Essar Steel’s lenders, the State Bank of India (SBI) and Standard Chartered Bank,...


Viral Shah

August 02, 2017

18:04 GMT