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Bhushan, Essar Steel among 12 cos being moved to insolvency courts: Sources

Bank groups plan meetings in next two weeks to decide action


Reuters  |  Mumbai 

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 ...

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First Published: Fri, June 16 2017. 17:09 IST