BANKING & SAVING

SBI Moves Insolvency Proceedings Against Electrosteel

Loknath Das

Electrosteel Steels owes Rs 10,274 crore to the consortium of banks led by SBI.

New Delhi: Top lender SBI and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT).

State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory filing.

Electrosteel Steels owes Rs. 10,274 crore to the consortium of banks led by SBI.

[“source-profit.ndtv”]