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Will the new Bankruptcy Code overhaul domestic steel?

Insolvency proceedings for stressed accounts may lead to consolidation in steel sector: ICRA

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Insolvency & Bankruptcy Code

Ishita Ayan Dutt  |  Kolkata 

Five of the 12 bad loan accounts referred for resolution under the Insolvency and Bankruptcy Code, 2016, are from the steel sector. Their total debt, as on March 31, 2016, stood at Rs 1.4 lakh crore.

Together these companies account for about 17 per cent of India's installed steel capacity. The question is, “Will this be make-or-break for the steel sector that has been reeling from a weak demand and cheap imports the last couple of years? Or, will it really be more of the same?” Lenders have taken five companies - Bhushan Steel, Bhushan Power & Steel, Essar Steel, ...

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First Published: Mon, July 03 2017. 23:17 IST
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