Banks win Rs 40,000 crore back in one stroke; SBI set to recover this much from Essar Steel IBC punch


Banks win Rs 40,000 crore back in one stroke; SBI set to recover this much from Essar Steel IBC punch

The Supreme Court’s landmark judgement in Essar Steel case spells a major win for banks as they stand to recover upward of Rs 40,000 crore of NPAs in a single stroke — the money which otherwise was lost in all probability. The Supreme Court on Friday upheld the rights of secured financial creditors, and set aside NCLAT’s earlier order, which had put operational creditors on par with financial creditors. The Supreme Court has approved ArcelorMittal’s Rs 42,000 crore bid for acquiring debt-struck Essar Steel. Following the development, Essar Steel’s creditors will get their dues more than 800 days after the company was admitted to the NCLT (National Company Law Tribunal). Read More

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