Gujarat NRE Coke files for bankruptcy

The share of the company was down 5.6 per cent to Rs 2.6 on BSE

Gujarat NRE Coke has filed for insolvency with the National Company Law Tribunal. The company is a producer of coke, which is used by industries such as the steel sector. 

The company, listed on both BSE and National Stock Exchange, owes Rs 3,200 crore to a group of lenders that include the State Bank of India. 

An insolvency professional said, "A group of 16 banks lent to the company." 

This comes at a time when the company, which is in red, is planning to achieve positive core profit by restoring its operational efficiency. It also plans to reach capacity use of 60 per