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SBI moves insolvency proceedings against Electrosteel

LiveMint logoLiveMint 29-06-2017 PTI

New Delhi: Top lender State Bank of India (SBI) and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT).

SBI initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory filing.

Electrosteel Steels owes Rs10,274 crore to the consortium of banks led by SBI.

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