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  Business   Companies  29 Jun 2017  SBI files insolvency against Electrosteel at NCLT

SBI files insolvency against Electrosteel at NCLT

PTI
Published : Jun 29, 2017, 2:57 pm IST
Updated : Jun 29, 2017, 2:57 pm IST

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

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. 

Tags: bad loan accounts, ibc, insolvency, lenders, sbi, electrosteel steels, debt, nclt
Location: India, Maharashtra, Mumbai (Bombay)