Insolvency: Banks to start action against 3 steel firms – The Indian Express

According to a banker, Bhushan Steel, Electrosteel Steels and Essar Steel cases were taken up at a meeting of bankers and they decided to start the insolvency proceedings. (Source: File)

Banks have decided to initiate insolvency proceedings against three steel companies, including Essar Steel, at the National Company Law Tribunal (NCLT) following a directive from the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code, 2016.

According to a banker, Bhushan Steel, Electrosteel Steels and Essar Steel cases were taken up at a meeting of bankers and they decid…

Read the full article at: http://indianexpress.com/article/business/companies/insolvency-banks-to-start-action-against-3-steel-firms-4717641/