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Essar Steel not singled out for insolvency process

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The RBI told the Gujarat High Court that Essar Steel was not singled out for insolvency proceedings and all big defaulters with over Rs 5,000 crore of outstanding loans are being subjected to the process with an aim of resolving the bad loan problem plaguing the Indian banking system.

Arguing before Justice S G Shah, the central bank's counsel Darius Khambatta also said that the non-performing assets (NPAs) of Essar Steel rose from Rs 31,671 crore on March 31, 2016 to Rs 32,864 crore on March 31 this year. Essar Steel was still very far from completing its loan restructuring process, the Reserve Bank of India (RBI) lawyer said. 

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