SBI moves NCLT to start insolvency proceedings against Visa Steel
Kolkata: State Bank of India (SBI) on Friday moved the Kolkata bench of the National Company Law Tribunal (NCLT), seeking to recover its dues from Visa Steel Ltd by invoking provisions of the Insolvency and Bankruptcy Code.
The steelmaker is on the Reserve Bank of India’s second list of enterprises against whom it asked lenders to immediately start insolvency proceedings.
Visa Steel owes its lenders around Rs4,500 crore, according to Poonam Keswani, a lawyer at India Law Llp, which is representing SBI.
Insolvency proceedings have also been initiated at the Kolkata bench of NCLT against three corporate guarantors of Visa Steel, she added.