<p>State Bank of India Chairman Rajnish Kumar on Monday said the resolution of Essar Steel will boost profitability in the third quarter of the current financial year.</p>.<p>Besides, resolution of other stressed assets which are in the pipeline will have a positive impact in the fourth quarter, he said.</p>.<p>The resolution of Essar Steel is a huge positive for the economy, he said.</p>.<p>"For MSMEs, I think the Insolvency and Bankruptcy Code (IBC) is not the right route. It is more for the bigger corporates. MSMEs should have a rehabilitation...we are not in favour to take them to the NCLT because it will burden the system unnecessarily," Kumar said.</p>.<p>He also said there will be money coming in from SBI Card stake dilution in the months to come.</p>.<p>The Supreme Court on November 15 set aside an NCLAT order which gave equal rights to the secured and unsecured creditors during the insolvency proceedings of debt-ridden Essar Steel, clearing the decks for its takeover by Lakshmi Mittal-led ArcelorMittal.</p>.<p>With the order, the apex court paved the way for ArcelorMittal's takeover of Essar Steel for Rs 42,000 crore.</p>.<p> The verdict came on a plea of the committee of creditors challenging the NCLAT's order of July 4 in which it had approved ArcelorMittal's bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.</p>.<p>Essar Steel was auctioned under the new IBC to recover Rs 54,547 crore of dues of financial lenders and operational creditors.</p>
<p>State Bank of India Chairman Rajnish Kumar on Monday said the resolution of Essar Steel will boost profitability in the third quarter of the current financial year.</p>.<p>Besides, resolution of other stressed assets which are in the pipeline will have a positive impact in the fourth quarter, he said.</p>.<p>The resolution of Essar Steel is a huge positive for the economy, he said.</p>.<p>"For MSMEs, I think the Insolvency and Bankruptcy Code (IBC) is not the right route. It is more for the bigger corporates. MSMEs should have a rehabilitation...we are not in favour to take them to the NCLT because it will burden the system unnecessarily," Kumar said.</p>.<p>He also said there will be money coming in from SBI Card stake dilution in the months to come.</p>.<p>The Supreme Court on November 15 set aside an NCLAT order which gave equal rights to the secured and unsecured creditors during the insolvency proceedings of debt-ridden Essar Steel, clearing the decks for its takeover by Lakshmi Mittal-led ArcelorMittal.</p>.<p>With the order, the apex court paved the way for ArcelorMittal's takeover of Essar Steel for Rs 42,000 crore.</p>.<p> The verdict came on a plea of the committee of creditors challenging the NCLAT's order of July 4 in which it had approved ArcelorMittal's bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.</p>.<p>Essar Steel was auctioned under the new IBC to recover Rs 54,547 crore of dues of financial lenders and operational creditors.</p>