 "Steel firms plan to help lenders in insolvency")
The four steel companies — Bhushan Steel, Bhushan Power & Steel, Electrosteel Steels, and Monnet Ispat and Energy — besides Essar Steel on the list of the 12 large non-performing accounts that the Reserve Bank of India (RBI) has recommended for insolvency proceedings are planning to cooperate with lenders, instead of trying to stall proceedings in courts.
Essar Steel moved the Gujarat High Court on July 4 against the recommendations and proceedings initiated by a consortium of 22 banks led by the State Bank of India (SBI), and the Standard Chartered Bank.
Bhushan Power & Steel Chairman and Managing Director Sanjay Singal,
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