Mumbai: The Kolkata bench of the National Law Company Tribunal (NCLT) will hear State Bank of Indias (SBI) application to admit the case of insolvency proceedings against Electrosteel Steels Ltd, among the 12 cases identified by the Reserve Bank of Indias (RBI) advisory panel.
Electrosteel Steels owes more than Rs10,200 crore to SBI-led consortium of lenders.
It was the first company where lenders had converted debt into equity under the RBIs strategic debt restructuring (SDR).
Electrosteel Steels was accepted in the corporate debt restructuring (CDR) cell for a recast of debt of over Rs6,100 crore in December 2013. However, the company exited the cell after failing to implement the CDR package in 2015.
Following this, lenders decided to in…
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