NEW DELHI: Bankruptcy proceedings could soon be initiated against a dozen more companies, in addition to the 12 firms that are already undergoing insolvency proceedings.
A final decision will be taken by the Internal Advisory Committee (IAC) of the Reserve Bank of India. The companies that the IAC will consider include Jai Balaji Industries, Nagarjuna Oil Corporation Limited, Visa Steel, Infrastructure developer IVRCL Ltd, REI Agro, SEL Manufacturing Company and Jayaswal Neco Industries Limited.
A senior government official told ET that the IAC can recommended action on these accounts, most of whom owe money to a consortium of banks. There is a constant review of the accounts under stress, the official added.
These accounts have bee…
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