Lenders led by the State Bank of India on Thursday decided to begin insolvency proceedings against Bhushan Steel, Essar Steel and Electrosteel Steels by referring them to the NCLT for recovery under the Insolvency and Bankruptcy Code (IBC).
The decision was taken at a marathon meeting chaired by SBI. While Bhushan Steel is in default of 44,478 crore to banks, Essar Steel owes 37,284 crore and Electrosteel Steels, 10,273.6 crore.
These three borrowers are among the 12 accounts identified by the Reserve Bank for immediate reference to the National Company Law Tribunal (NCLT). These 12 accounts alone constitute a quarter of the over-8 lakh-crore of NPAs.
Bankers, led by IDBI Bank, will be meeting tomorrow to dec…
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