NCLT to hear SBI's insolvency plea against Electrosteel Steels today

Firm was among the 12 companies identified by the RBI

The Kolkata Bench of the National Law Company Tribunal (NCLT) on Monday heard the State Bank of India plea for initiating insolvency proceedings against Electrosteel Steels.
 

Sources close to the development said, the order to admit the plea was awaited. "They have heard the case." Last month, lenders led by SBI had sent Electrosteel Steels to the NCLT for further action under the Insolvency and Bankruptcy Code (IBC).

Electrosteel Steels was among the 12 cases identified by the Reserve Bank of India, initially, to be referred to the NCLT under the IBC, 2016.

A resolution plan for Electrosteel Steels was