Citing an RBI notification, Congress leader Jairam Ramesh on Monday demanded that the SBI should declare Gujarat State Petroleum Corp (GSPC) bankrupt and said the company owed Rs 12,000 crore to several banks.
He accused the Modi government of trying to protect the company from being declared bankrupt.
Ramesh said that on February 12, the Reserve Bank of India issued a circular stating that any company that owed more than Rs 2,000 crore to banks should be declared bankrupt within 180 days.
“GSPC’s highest debt is from SBI, which is Rs 1,200 crore. According to RBI’s notification, SBI should declare GSPC bankrupt,” said Ramesh.
“Last month GSPC submitted a 15-page document, entitle…
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