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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1077.55
13.05 (1.23%) SBI withdraws plan to sell Essar Steel loans post NCLAT order
Date: 08-09-2018State Bank of India (SBI) has withdrawn the process of sale of debt of Essar Steel to asset reconstruction companies (ARCs) after the National Company Law Appellate Tribunal (NCLAT) asked lenders of the debt-ridden firm to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedanta.
The NCLAT has ruled that second round bids put in by Russia's VTB Bank-based NuMetal and Vedanta for acquisition of Essar Steel are valid but the same of ArcelorMittal is contingent upon the company clearing Rs 70 billion dues of Uttam Galva and KSS within three days.
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