A forum of lenders, led by the State Bank of India (SBI), on Thursday sent three large non-performing accounts — Bhushan Steel, Essar Steel and Electrosteel Steels — to the National Company Law Tribunal (NCLT) for further action under the Insolvency and Bankruptcy Code (IBC). The three companies have almost Rs 1 lakh crore of debt that has turned bad. While unlisted Essar Steel had consolidated debt of Rs 37,284 crore, Bhushan Steel’s debt stood at Rs 44,478 crore at the end of 2015-16.
A forum of lenders, led by the State Bank of India (SBI), on Thursday sent three large non-performing accounts — Bhushan Steel, Essar Steel and Electrosteel Steels — to the National Company Law Tribunal (NCLT) for further action under the Insolvency and Bankruptcy Code (IBC). The three companies have almost Rs 1 lakh crore of debt that has turned bad. While unlisted Essar Steel had consolidated debt of Rs 37,284 crore, Bhushan Steel’s debt stood at Rs 44,478 crore at the end of 2015-16.
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