Indian overseas Bank transfers its Rs748 crore claim in Bhushan Steel to an ARC
New Delhi: The insolvency resolution professional (IRP) for Bhushan Steel Ltd, on Thursday, informed the National Company Law Tribunal (NCLT) that Indian Overseas Bank, one of the lenders, assigned a debt amount of Rs748 crore to Assets Care & Reconstruction, an asset reconstruction company (ARC).
The leader of creditors’ consortium, State Bank of India, had filed an insolvency resolution against Bhushan Steel in July, 2017 for recovery of over Rs44,000 crore. In August 2017, IRP Vijaykumar Iyer had verified the claim of over 44,498 crore made by a committee of creditors comprising 49 lenders.
In December, 2017 NCLT had granted a 90-day extension to the IRP to submit a final resolution plan. This deadline would end on 22 April 2018.
Bhushan Steel is one of the 12 big defaulters named by the Reserve Bank of India (RBI) in June 2017.
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