HC adjourns StanChart appeal hearing in Essar Steel insolvency to next week

A bigger bench of the high court (HC) in Ahmedabad adjourned till the coming Monday an appeal of Standard Chartered Bank for quashing of a single judge bench's stay on the insolvency proceedings it had filed against Essar Steel.

The London-based lender had appealed last Wednesday for the quashing, contending Essar suppressed facts. It has said it was not a party to any revival or restructuring package or invited in any lenders' meeting by Essar Steel, unlike what the latter had claimed in its petition before the single judge, S G Shah.

Earlier, the latter had stayed insolvency proceedings filed against Essar