On Monday, the Gujarat High Court has disposed of Essar Steel‘s petition against Insolvency proceedings initiated by its lenders after a directive by the Reserve Bank of India.

This will smoothen the Insolvency proceedings against Essar as well as the 11 other non-performing accounts identified by the RBI.

However, four other steel companies on the list have already said that they would be cooperating with the lenders and not move court to stall proceedings.

Read On Tuesday, the Ahmedabad bench of the NCLT is going to take up insolvency proceedings against Essar Steel, initiated by a consortium of 22 banks led by the State Bank of India as well as Standard Chartered Bank.

Read EquityPandit’s Technical Analysis of Indian Stock Market