Economy

Gujarat HC rejects Essar Steel plea against RBI's insolvency circular

Gujarat HC rejects Essar Steel plea against RBI's insolvency circular

The Gujarat High Court on Monday dismissed a plea by Essar Steel India Ltd, which challenged a Reserve Bank of India order.

The High court had earlier stayed the insolvency proceedings against Essar Steel before the National Company Law Tribunal (NCLT) as an interim measure on its plea.

China's trade with North Korea rises 10%
Tongilgak is a North Korean building in the village of Panmunjom, which straddles the demarcation line that divides the countries. A ballistic missile that North Korea launched in May reached an altitude of more than 2,000km.

Justice S G Shah passed an oral order saying no relief will be granted to Essar. It also objected to being clubbed with 11 other defaulters and said it was in discussion with banks to restructure repayments, financial daily Economic Times (ET) reported on Monday.

Essar Steel in its petition to the court has challenged a 13 June directive of RBI, in the form of a press release, in which the Central bank directed banks to refer a dozen cases, including Essar Steel, directly to NCLT. Shares of most of the nine listed companies out of the 12 on the RBI's list are on a downtrend since then.

Renato Sanches set to leave Bayern Munich for AC Milan
According to Sky Sports , Milan want their option to buy to be set at €40 million-just €5 more than Bayern paid 12 months ago. Several top clubs have shown an interest in signing the Portuguese midfielder this summer, so he is not short of options.

The ruling paves the way for the start of bankruptcy proceedings against Essar Steel, although the company could appeal the ruling.

It wanted to be treated under the second category mentioned in the RBI's June 13 circular where NPA accounts under Rs 5,000 crore are to be given six months to finalise loan restructuring plans, the company said. "The company was aware about SBI's action". It also said that it has repaid nearly Rs 3,467 crore in last one year, adding that it employs 4,500 people and that if action was taken under the provisions of sections 7, 16 and 17 of the Insolvency and Bankruptcy Code (IBC), the administration of the company would go into hands of interim resolution professionals (IRP) and it would result in the closing down of the company. Instantly acknowledging this error, the RBI told the Gujarat High Court that it would withdraw this line from the press release, and did so by the means of a corrigendum. Essar Steel argued that it was not given adequate opportunity to present its position before the insolvency case was filed at the NCLT.

Senate delays healthcare vote as McCain recovers from surgery
This is not the first time White House officials have made it clear they don't want the GOP health care bill called Trumpcare . Lindsey Graham, R-S.C., right, talk while walking to a meeting on Capitol Hill in Washington Thursday, July 13, 2017.

The case was seen as a landmark case under the newly introduced Insolvency and Bankruptcy Code (IBC), while the judgment is seen as a big boost for the banks, which are standing on the huge pile of corporate non-performing assets (NPAs), which according to the Reserve Bank of India (RBI) stood at Rs 7,50,000 crore as on March 31, 2017.


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