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Insolvency case: Bhushan Steel, SBI lock horns over loan calculation

The bench also reserved order on the plea filed by Punjab National Bank against Bhushan Steel

Bhushan Steel, Bhushan Power
Bhushan Steel has a liability of around Rs 43,000 crore towards more than 20 banks while Bhushan Power has a liability of around Rs 37,000 crore towards a number of banks

Bhushan Steel and State Bank of India (SBI) on Wednesday contested each others’ estimation of the company’s liability at a hearing in the National Company Law Tribunal (NCLT) here. The steel company’s counsel said SBI’s claims were about Rs 100 crore more than the actual dues. Countering the argument, SBI’s counsel said the difference was because the dues to SBI’s subsidiaries — now merged with the larger bank — had not been considered. Five subsidiary banks of SBI were merged with it on April 1. SBI has staked a claim of Rs ...