SBI, the lead lender, was planning to sell its loan to Essar Steel to asset reconstruction companies. Mumbai: State Bank of India (SBI) on Friday said it has withdrawn the process of sale of Essar Steel debt to an asset reconstruction company (ARC) following an order by the National Company Law Appellate Tribunal (NCLAT). “In view of the NCLAT order pronounced today, SBI withdraws the process of sale of debt of Essar Steel India Ltd and will proceed as per the order of the NCLAT,” an SBI spokesperson said. “The bank expects the insolvency resolution process to move ahead now and therefore it has decided to not sell its exposure,” the official added. Essar Steel, which owes lenders Rs 49,000 crore, was admitted to NCLT in August 2017.

Source: Mint September 07, 2018 15:34 UTC