No more bad loans, steel sector crisis is over: Minister Birender Singh

Is satisfied with resolution process under IBC, says govt plans to revive Visvesvaraya Iron & Steel, take on business development for KIOCL

Expressing satisfaction over the resolution process of defaulting steel firms under the Insolvency and Bankruptcy Code, Union Minister for Steel, Chaudhary Birender Singh Friday said the crisis in the steel sector is over and banks will not face such huge NPA problem from this industry anymore.

He also said that the government is planning to revive the Karnataka-based Visvesvaraya Iron and Steel Limited (VISL) apart from taking various business development plans for KIOCL (formerly Kudremukh Iron Ore Company Limited). 

"Currently, five steel accounts have been referred to the National Company Law Tribunal (NCLT). Out of this, resolution process for some NPA accounts