 "insolvency, NPAs, banks, mutual fund, debt, loan")
The State Bank of India (SBI) on Thursday took beleaguered steel company Bhushan Steel to the National Company Law Tribunal (NCLT) in Delhi. Its sister company, Bhushan Power, has also been taken to the NCLT’s Delhi bench by the public sector Punjab National Bank (PNB).
Both the petitions have been filed under the Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, where the financial creditor initiates insolvency proceedings with a claim.
The hearings were adjourned till July 19. Bhushan Steel, the biggest stressed asset, has pleaded for corporate insolvency resolution process to be initiated.
Bhushan Steel has a liability of around
