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As Essar Steel saga goes on, up to judiciary to ensure that banks get money back soon

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The Supreme Court (SC) has done well to dismiss the pleas of operational creditors of Essar Steel; it ruled on Monday that these were not valid. However, even with this, there is no guarantee a decision on the bankrupt steelmaker’s future will be arrived at soon. On Monday, the promoters of Essar Steel, the Ruias, appealed in the NCLAT (National Company Law Apellate Tribunal) against a January 29 decision by the Ahmedabad bench of NCLT (National Company Law Tribunal) which held that the Rs 54,389 crore resolution plan put forward by the Ruias was not maintainable. This bid had been made last October.

Indeed, the resolution of Essar Steel, under the CIRP (corporate insolvency resolution process) has taken way too long, more........

© The Financial Express