Bikki Raveendra Babu, Member - (1.) Standard Chartered Bank (SCB) and State Bank of India (SBI) initiated Corporate Insolvency Resolution Process under Section 7 of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC"} read with Rule 4 and 9(1) of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity sake "IBR") in respect of ESSAR Steel India Limited (for brevity sake "ESSAR").
(2.) Scb is a Banking Corporation incorporated in England by a Royal Charter, 1853 with its Registered Office in London, England. SCB is a leading International Banking Group and has been carrying on operations in India for over 150 years.
(3.) Sbi was constituted under the Statutory Enactment of the State Bank of India Act, 1955. SBI with the sanction of the Central Government and Reserve Bank of India has acquired by way of amalgamation the business including the assets and liabilities of all of its associate Banks which are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore with effect from 1st April, 2017. The Corporate Centre of SBI is in Mumbai.;