Bogged down by Rs 6,000-cr loan dues, Adhunik Metaliks to plead insolvency

Its lenders include Allahabad Bank, Bank of Baroda, BoM, Corporation Bank, among others

Kolkata-based Adhunik Metaliks, a maker of steel with Rs 6,000 crore of loan dues, is planning to file for insolvency, say those involved in the process.

A source said, "They want to restructure the company by filing for insolvency." The company did not respond to Business Standard's query in this regard.

Listed on the BSE exchange, it made a loss of Rs 173 crore for the quarter ended March 31. The share was down four per cent on Friday, to Rs 5.95.

A number of steel and power companies are being taken to the National Company Law Tribunal under the Insolvency and Bankruptcy