The total amount due to SBI stands at Rs 1,601 crore, the banks lawyer said during the proceedings at the tribunal. The company initially owed Rs 1,227 crore to the state-run lender, according to the working capital consortium agreement extended in March 2012. The loan was restructured in September 2014.
Jyoti Structures is among the 12 companies that account for a quarter of Indias bad debt of about Rs 7.7 lakh crore. After the government armed the Reserve Bank of India to get directly involved in the resolution of non-performing assets, the central bank asked lenders to refer the dozen large stressed accounts for insolvency proceedings.
Read the full article at: https://www.bloombergquint.com/law-and-policy/2017/07/04/nclt-admits-sbi-insolvency-resolution-application-against-jyoti-structures-12-accounts?utm_source=bloomberg-menu