NCLT admits insolvency petition against Essar Steel [Read Orders]

Varun Marwah August 2 2017
Essar steel

The Ahmedabad Bench of the NCLT has admitted insolvency proceedings against Essar Steels filed by the State Bank of India and Standard Chartered Bank under the Insolvency and Bankruptcy Code, 2016.

Satish Kumar Gupta from Alvarez and Marsal has been appointed as the Interim Resolution Professional (IRP) under Section13 of the Code.

IRP will now take charge over the company and the board of Essar stands suspended for a moratorium period . . .

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