The Reserve Bank of India (RBI) has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the matter said. This follows a change enacted in laws last month that gives the Reserve Bank of India greater power to address the $150 billion stressed loan problem plaguing growth in Asia's third-largest economy. This week, the RBI said it had identified 12 of the country's biggest loan defaulters. Jaypee Infratech, Electrosteel Steels, unlisted Bhushan ...
Bhushan, Essar Steel among 12 cos being moved to insolvency courts: Sources
Bank groups plan meetings in next two weeks to decide action