SBI-led banks' consortium move insolvency proceedings against Electrosteel Steels at National Company Law Tribunal

29 June 2017, 02:38 PM
State Bank of India - File Photo (Getty)
State Bank of India - File Photo (Getty)

Top lender SBI and other creditors have commenced insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT).

State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code,2016, Electrosteel Steels said in a regulatory filing. Electrosteel Steels owes Rs 10,274 crore to the consortium of banks led by State Bank of India. 

State Bank of India (SBI) led forum of banks had sent three large non-performing accounts Bhushan Steel, Essar Steel and Electrosteel Steels to the National Company Law Tribunal (NCLT) for further action under the Insolvency and Bankruptcy Code (IBC). 

First Published: Thursday, June 29, 2017 02:28 PM
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