Essar Steel, Bhushan Steel, ABG Shipyard, Electrosteel and Alok Industries are among the 12 borrowers referred by the RBI for insolvency proceedings, a senior public sector banker said today.
Banks will move for insolvency proceedings in these 12 cases after due process defined under the Insolvency and Bankruptcy Code (IBC), the banker added.
When reached out for comment, Essar Steel spokesperson said, We are not aware of any such development.
There was no reply to queries sent to other companies.
The Code has defined time-frame for the resolution, the banker said, adding that 14-day time period has been given for admission or rejection of a case.
After a case is accepted by the National Company Law Tribunal (NCLT), the creditor would get 30 …
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