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ARTICLE · 15 JANUARY 2020

Essar Steel India v. RBI*: A Case Comment

Royzz & Co
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Essar Group is an Indian conglomerate into manufacturing, services and retails sectors. The group has operational presence across 29 countries having 45,000 employees across the world.

IndiaInsolvency/Bankruptcy/Re-Structuring
Shriniket Deshpande
Shriniket Deshpande
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Introduction

Essar Group is an Indian conglomerate into manufacturing, services and retails sectors. The group has operational presence across 29 countries having 45,000 employees across the world. The Group's core interest lies in steel and energy sector, Essar Steel being the flagship company of this group.

Reserve Bank of India (RBI) vide their press note dated 13-6-2017 had directed banks to initiate insolvency proceedings before National Company Law Tribunal (NCLT) under Section 9 of the Insolvency and Bankruptcy Code, 2016 against 12 companies including Essar Steel India Ltd. (Essar) and accordingly proceedings were initiated by consortium of banks led by State Bank of India (SBI) which is leading the consortium.

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