KOLKATA: Lenders to beleaguered Electrosteel Steels have urged the National Company Law Tribunal (NCLT) to admit insolvency proceedings against the West Bengal-headquartered company.
Electrosteel Steels, which owes more than Rs 10,200 crore to an SBI led consortium of lenders, is among the 12 cases identified by the Reserve Bank of Indias (RBI) advisory panel for insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).
An order is awaited in the next one or two days after the tribunal studies the application, a person aware of the development told ET.
A top executive of Electrosteel confirmed an application was filed by the lenders at the Kolkata bench of the NCLT. There was a hearing at NCLT and an appeal was made on …
Read the full article at: http://economictimes.indiatimes.com/industry/indl-goods/svs/steel/lenders-of-electrosteel-apply-for-insolvency-case-against-company/articleshow/59535373.cms