HC puts StanChart's plea on Essar Steel's insolvency proceedings on hold

Standard Chartered appealed for quashing Gujarat HC's stay on Essar Steel's insolvency proceedings

A division Bench of the Gujarat High Court on Wednesday adjourned Standard Chartered Bank’s appeal for quashing a single-judge Bench’s stay on insolvency proceedings filed against Essar Steel.

The London-based lender said in its appeal, a copy of which is in possession of Business Standard, that Essar Steel had “failed to disclose” to the single- judge Bench that the bank was “neither a party to any alleged restructuring package, nor any consent has been obtained to such package”. The appeal maintained that Standard Chartered was not a member of any committee of lenders, which was being claimed to be considering Essar