 "bankruptcy, law, insolvency")
Kolkata-based steel company Ramsarup Industries has filed for insolvency in an attempt to restructure its finances. The company has filed for insolvency under the Insolvency and Bankruptcy Code (IBC), 2016, which was brought in to ensure timely restructuring of companies and help banks recover loans. The company has a debt of around Rs 2,000 crore, say sources close to the development. The lenders include 14 major banks like State Bank of India, Punjab National Bank, Allahabad Bank, Bank of India, IDBI Bank, Canara Bank, Central Bank of India, and ICICI Bank.
Among the top lenders are Punjab National Bank (loan exposure
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