New Delhi: The State Bank of India (SBI) on Thursday moved the National Company Law Tribunal (NCLT) against Bhushan Steel Ltd, claiming the company had defaulted on loans of over Rs43,000 crore. Separately, Bhushan Steel’s sister concern, Bhushan Power and Steel Ltd, was also dragged to the NCLT on Thursday by Punjab National Bank (PNB) over a default of about Rs37,000 crore. The two firms together are among the 12 loan defaulters identified by the Reserve Bank of India (RBI) to the NCLT for initiation of insolvency proceedings. Acting on this, the SBI and PNB have sought the tribunal’s intervention in the insolvency proceedings against the two firms within the provisions and rules of the new code. Both cases related to Bhushan Steel will be heard next on 19 July.

Source: Mint July 13, 2017 20:03 UTC