State Bank of India’s effort to sale Essar loans face uncertainty, after the NCLAT directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel by January 31.
The Supreme Court in September ordered a status quo on insolvency proceedings.
All participants of the code are also unanimous in their view that the new law has improved credit discipline among large borrowers.
Total balance sheet size stood at Rs 11.6 lakh crore as against Rs 9.4 lakh crore in the same period last year.
RBI has expanded the list of eligible borrowers allowing all entities eligible to receive FDI to borrow under the ECB framework.
US-based investors cornered the three-year sale with 45 per cent of the issue
Eight foreign banks led by Barclays, HSBC and BofAML are helping SBI raise these funds.
The two-judge bench expressed anguish after SPGP Holdings expressed its inability to pay the earnest money.
Lenders and financial creditors have raised doubts over the sources of funds of SPGP and Monday’s hearing deepened those doubts.
The bank has until January 31 to find a replacement, according to a timeline set by the banking regulator.
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