The countrys largest lender State Bank of India has initiated debt recovery proceedings under the Insolvency and Bankruptcy Code against steelmakers Monnet Ispat Ltd. and Electrosteel Steels Ltd. and power distribution company Jyoti Structures Ltd., one banker with direct knowledge of the matter confirmed to BloombergQuint.
The case against Monnet Ispat has been filed at the National Company Law Tribunal (NCLT), Mumbai, another person said on the condition of anonymity. The companys headquarters are registered in Chhattisgarh.
The three companies were among the 12 identified by the Reserve Bank of India for immediate action under the Insolvency and Bankruptcy Code. Together, the dozen companies contribute a quarter of India’s bad …
Read the full article at: https://www.bloombergquint.com/business/2017/06/27/sbi-files-insolvency-monnet-ispat-electrosteel-jyoti-structures-nclt-rbi-12-accounts