Published:June 24, 2017 2:03 am
On Thursday, banks had decided to take Bhushan Steel, Essar Steel and Electrosteel Steels to NCLT for insolvency proceedings.
Lenders, led by Punjab National Bank, on Friday decided to initiate proceedings against Bhushan Power & Steel under the Insolvency and Bankruptcy Code. Banks will move the National Company Law Tribunal to recover their money within a month. On Thursday, banks had decided to take Bhushan Steel, Essar Steel and Electrosteel Steels to NCLT for insolvency proceedings.
Bhushan Power which has a debt of over Rs 37,000 crore is controlled by Sanjay Singal, brother of Neeraj Sing…
Read the full article at: http://indianexpress.com/article/business/companies/to-initiate-insolvency-proceedings-banks-to-move-nclt-against-bhushan-power-steel-4719213/
