Banks to start insolvency proceedings against Bhushan Steel
The National Company Law Tribunal (NCLT) on Wednesday allowed banks to initiate insolvency proceedings against Bhushan Steel and another firm, Bhushan Power and Steel. The petition for launching the insolvency process was filed by SBI and Punjab National Bank. The companies are part of RBI's list of 12 accounts representing about 25% of bad loans of the banking system.