Written by Surya Sarathi Ray | New Delhi |
Published:July 27, 2017 2:23 am
Bhushan Steel, which owes banks a whopping Rs 44,447 crore had earlier objected to the insolvency proceedings alleging that SBI had inflated the dues by around Rs100 crore. Representational Image.
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The New Delhi bench of the National Company Law Tribunal (NCLT) on Wednesday admitted two separate insolvency petitions State Bank of India (SBI) versus Bhushan Steel and Punjab National Bank (PNB) versus Bhushan Power and Steel. The two companies together owe banks more than Rs 80,000 crore, according to data sourced from Capitaline.
The principal bench compr…
Read the full article at: http://indianexpress.com/article/business/companies/bhushan-steel-bhushan-power-face-insolvency-action-4768681/