New Delhi, Feb. 11 -- The Supreme Court on Monday dismissed a plea by operational creditors of Essar Steel, including Indian Oil Corporation (IOC), which had sought a stay in insolvency proceedings against the debt-laden company.

Accordingly, the matter will continue to be heard by the Ahmedabad branch of the National Company Law Tribunal (NCLT).

Solicitor-General Tushar Mehta, appearing for IOC, told the court that it would need more time to argue before the NCLT.

Kamlaljeet Singh Ahluwalia, an operational creditor of Essar Steel, had moved the Supreme Court on 6 February challenging two orders of the National Company Law Appellate Tribunal (NCLAT) directing the Ahmedabad bench of the NCLT to pass an order in the insolvency case by 11...