SBI moves Supreme Court on NCLAT's nod for more cash to StanChart

The RP agreed to Standard Chartered's claim to be converted into a secured one based on security of pledge of shares

The Essar Steel’s debt resolution battle has reached the Supreme Court (SC) with State Bank of India (SBI) moving the apex court against the National Company Law Appellate Tribunal (NCLAT) advice to give more cash to Standard Chartered (StanChart), which has made a claim of Rs 3,487 crore against the company.

The SBI action came just days before the NCLAT was to hear the outcome of the committee of creditors (CoC) meeting on April 9.  During the NCLAT hearing, SBI had said Standard Chartered was not a secured creditor and should not be allowed to make any additional claim from