Bhushan Steel and State Bank of India (SBI) on Wednesday contested each others estimation of the companys liability at a hearing in the National Company Law Tribunal (NCLT) here.
The steel companys counsel said SBIs claims were about Rs 100 crore more than the actual dues. Countering the argument, SBIs counsel said the difference was because the dues to SBIs subsidiaries now merged with the larger bank had not been considered. Five subsidiary banks of SBI were merged with it on April 1.
SBI has staked a claim of Rs 4,295 crore from Bhushan Steel, along with $490 million in foreign currency loan.
In total, Bhushan Steel owes about Rs 40,000 crore to at least 20 lenders.
A similar argument …
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