Lenders to insolvent SBQ Steels have preferred to take the liquidation route for the entity, expressing reservations over UK-based Liberty Houses capability to take the process ahead, sources close to the development said.
The resolution professional (RP) has filed an application under Section-33 of the Code of Liquidation, before the Chennai Bench of the National Company Law Tribunal (NCLT), the insolvent entity said in a notification to stakeholders. The Corporate Insolvency Resolution Process of SBQ Steels ended on November 13, it said.
Edelweiss Asset Reconstruction, the lead lender, has loan exposure of Rs 29.97 billion. The total debt of SBQ Steels stands at Rs 36.40 billion. Union Ba…
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