Bhushan, Essar Steel among 12 firms being moved to insolvency courts – sources

Bhushan, Essar Steel among 12 firms being moved to insolvency courts – sources

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. Read More…

 

 

Credit By: Reuters

Leave a Reply

Your email address will not be published.