Business Companies 29 Jun 2017 SBI moves insolvency ...

SBI moves insolvency proceedings against Electrosteel   

PTI
Published Jun 29, 2017, 2:53 pm IST
Updated Jun 29, 2017, 2:53 pm IST
Electrosteel Steels owes Rs 10,274 crore to the consortium of banks led by the State Bank of India.
Representational Image.
 Representational Image.

New Delhi: Top lender SBI and other creditors have moved 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 SBI.

The move comes amid SBI and other lenders starting insolvency proceedings against the 12 bad loan accounts identified by the Reserve Bank of India. 

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