Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

The Gujarat High Court on Monday disposed of Essar Steel’s petition against insolvency proceedings initiated by its lenders after a directive by the Reserve Bank of India (RBI). This is likely to smoothen the insolvency proceedings against Essar as well as the 11 other non-performing accounts identified by the RBI. The four other steel companies… Continue reading Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

NPA problem: RBI identifies 12 mega defaulters for insolvency

Financial News : The Reserve Bank of India (RBI) on Tuesday said its internal advisory committee (IAC) had identified 12 accounts that covered about 25 per cent of the banking system’s non-performing assets for immediate resolution under the Insolvency and Bankruptcy Code. The gross bad debt of the Indian banking system as of March was… Continue reading NPA problem: RBI identifies 12 mega defaulters for insolvency