Bhushan Steel, which owes banks a whopping Rs 44,447 crore, had initially objected to the insolvency proceedings alleging SBI had inflated the dues by around Rs 100 crore.The committee of creditors to Bhushan Steel is reluctant to sanction fresh interim funding of around Rs 500 crore as part of the corporate insolvency process, senior bankers told FE. The company already owes banks a whopping Rs 44,500 crore. Bankers said that they conveyed their decision to the resolution professional (RP) Vijaykumar V Iyer, after he presented the plan at a recent meeting.We have pointed out we already have a large exposure to Bhushan Steel and any additional loans will be difficult to recover, the bankers mentioned above said. They added…
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