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Insolvency: Lenders take Bhushan, Essar and Electrosteel to NCLT

Three steelmakers have combined debt of nearly Rs 1 lakh cr

Bhushan Steel & Essar Steel consolidated data and Electrosteel Steels standalone data; Compiled by BS Research Bureau. Source: Capitaline
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Bhushan Steel & Essar Steel consolidated data and Electrosteel Steels standalone data; Compiled by BS Research Bureau. Source: Capitaline

Dev ChatterjeeAbhijit LeleIshita Ayan Dutt Mumbai/ Kolkata
A  forum of lenders, led by the State Bank of India (SBI), on Thursday sent three large non-performing accounts — Bhushan Steel, Essar Steel and Electrosteel Steels — to the National Company Law Tribunal (NCLT) for further action under the Insolvency and Bankruptcy Code (IBC). 

The three companies have almost Rs 1 lakh crore of debt that has turned bad. 

While unlisted Essar Steel had consolidated debt of Rs 37,284 crore, Bhushan Steel’s debt stood at Rs 44,478 crore at the end of 2015-16. The latest financial numbers of both companies are not available as yet, but bankers said the

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