SBI moves insolvency proceedings against Electrosteel

Top lender SBI and other creditors have moved insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT).

State Bank of India 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 Rs 10,274 crore to the consortium of banks led by SBI.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)