KOLKATA | MUMBAI: Visa Steel, which was taken to the National Company Law Tribunal (NCLT) on January 5 by lead lender State Bank of India for defaulting on Rs 3,600 crore of loans, is pursuing a resettlement plan with its bankers. The proposal includes selling its loans to asset reconstruction companies.
“While SBI has filed an application against Visa Steel at NCLT, the case is yet to be admitted, a process that is likely to take 1-to-2 months. Visa Steel is keen to utilise the time window and is trying to go for a resolution outside the court,” a source close to the development said.
In a statement to the BSE last Friday, informing the exchanges about the application filed by SBI with NCLT’s Kolkata bench to initiate cor…
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