 "insolvency, NPAs, banks, mutual fund, debt, loan")
The Kolkata bench of the National Company Law Tribunal (NCLT) has admitted the State Bank of India's (SBI's) insolvency petition against Electrosteel Steels.
A PwC partner has been appointed as the interim resolution professional (IRP). "The court order is expected to be served by Monday. Once it is served, the board will be suspended," said Electrosteel Steels Chief Financial Officer Ashutosh Agarwal. However, Agarwal said that the IRP will be working with the existing management in running the company.
After the IRP is appointed, within 30 days, he or she will have to make financial calls and the committee of
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