IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC).State-run lender IFCI has filed an insolvency petition against Jai Balaji Industries (JBIL) at the Kolkata bench of the National Company Law Tribunal (NCLT), seeking the initiation of corporate insolvency process against the steelmaker over unpaid dues. IFCI has filed the petition against the Kolkata-based company under Section 7 of the Insolvency and Bankruptcy Code (IBC). The companys name reportedly featured in the RBIs second list of large corporate loan defaulters.
JBIL, the flagship company of Jai Balaji Group, as in March 2017 defaulted on repayment of loans and interest to banks and financial i…
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