NCLT reserves order on insolvency plea against Essar Steel

SBI, Standard Chatered Bank filed petitions, demanding the clearance of Rs 34,000-cr dues

The  National Company Law Tribunal reserved its order for initiating insolvency proceedings against Essar Steel, after hearing the arguments of the two petitioners-  State Bank of India (SBI) and Standard Chartered Bank (SCB).

The tribunal will be announcing the date of pronouncement later this week.

On Wednesday, both SBI and SCB argued for the appointment of an Interim Resolution Professional (IRP) under the Insolvency and Bankruptcy Code (IBC). SCB's counsel maintained partner Dinakar Venkatasubramanian as its preferred choice. 

SCB said it had filed the first insolvency plea against Essar. However, SBI said it was the lenders' consortium leader and could remove