MUMBAI: State Bank of India is set to initiate insolvency proceedings against at least a dozen defaulting companies including Videocon Industries after failing to recast their loans by the December deadline.
The country’s largest bank in terms of assets will refer Videocon Industries, Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji to the National Company Law Tribunal (NCLT) starting Tuesday, when it reopens after the Christmas and New Year break.
The Reserve Bank of India had in August issued a second list of 28 defaulting companies asking banks to resolve the loans by December 13 in accordance with a formula that it prescribed. If they failed to do so, the banks were dir…
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