Mumbai: Lenders led by the State Bank of India on Thursday decided to begin insolvency proceedings against Bhushan Steel, Essar Steel and Electrosteel Steels by referring them to the NCLT for recovery under the Insolvency and Bankruptcy Code (IBC).
The decision was taken at a marathon meeting chaired by the SBI. While Bhushan Steel is in default of Rs 44,478 crore to banks, Essar Steel owes Rs 37,284 crore and Electrosteel Steels Rs 10,273.6 crore (combined about Rs 92,000 crore).
Decision was taken by banks led by SBI. Reuters
These three borrowers are among the 12 accounts identified by the Reserve Bank for immediate reference to National Company Law Tribunal (NCLT). These 12 accounts alone constitute a quarter of the over Rs 8 trillion o…
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