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BANKRUPTCY PROCEEDINGS INITIATED AGAINST ESSAR STEEL AND MONNET ISPAT IN NCLT.

News Date: 28.06.2017

Bankruptcy proceedings at the National Company Law Tribunal (NCLT) against Essar Steel and Monnet Ispat were initiated yesterday. They have become the first of the 12 big bad loans cases identified by the Reserve Bank of India (RBI) against which bankruptcy proceedings have been filed.

Standard Chartered Bank, an unsecured creditor filed the suit in the case of Essar Steel (debt of Rs31, 211 crore) and in Monnet’s case (debt of Rs 10,333 crore), State Bank of India (SBI), which led the lending consortium, filed the case.

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