HYDERABAD: In an interesting twist of developments, weeks after the National Company Law Tribunal (NCLT) rejected the insolvency petition filed by Anrak Aluminium in the ‘interest of the nation’, the banking regulator Reserve Bank of India (RBI) has directed the lead lender State Bank of India (SBI) to move the tribunal seeking insolvency.
Anrak Aluminium is among few other large stressed assets that the banking regulator has directed the SBI last week to initiate insolvency resolution process, a person in the know of developments told ET.
The move also comes after the joint lenders forum lenders failed to arrive at a compromise scheme with substantial haircut and preferring not to accept the decision of the tribunal reject…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/rbi-asks-sbi-to-move-nclt-against-anrak-aluminium/articleshow/62332181.cms
