Essar Steel insolvency case: From RBI notice to denial of relief by Gujarat

The story so far: The Gujarat HC recently dismissed Essar Steel's plea challenging RBI's insolvency

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). 

On July 4, Essar Steel, promoted by the Ruias, had filed a petition against the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT). Commenting on the court’s observations that the NCLT will have to decide on its own whether the insolvency petition is required to be entertained or not, Essar Steel stated in