What could be a big boost for the government's drive against corporate bad loans, the Gujarat High Court today dismissed a plea by Essar Steel against the Reserve Bank of India (RBI). On July 14, it had reserved its order for Monday on Essar Steel's plea against the June 13 RBI circular to banks to act under Insolvency and Bankruptcy Code against the steel major and 11 other firms with over Rs 5,000 crore of outstanding loans each.
What could be a big boost for the government's drive against corporate bad loans, the Gujarat High Court today dismissed a plea by Essar Steel against the Reserve Bank of India (RBI). On July 14, it had reserved its order for Monday on Essar Steel's plea against the June 13 RBI circular to banks to act under Insolvency and Bankruptcy Code against the steel major and 11 other firms with over Rs 5,000 crore of outstanding loans each.
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