Supreme Court Essar Steel judgment favours banks, says Nomura
Updated : November 18, 2019 01:38 PM IST
The Supreme Court’s judgement on Essar Steel case that the committee of creditors (CoC) has the discretion to decide on the distribution of proceeds of a bankrupt firm will be positive for banks, brokerage house Nomura has said.
According to Nomura, the State Bank of India (SBI) and ICICI Bank will be key beneficiaries from the judgement.
The SBI could alone have a recovery of around Rs 12,000 crore.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more