Mumbai : Lenders to Moser Baer Solar, wholly-owned subsidiary of Moser Baer India, have put the company on the block to recover dues worth Rs 2,240 crore.
On November 14, the National Company Law Tribunal had ordered insolvency proceedings against the company on a plea filed by Central Bank of India.
The solar power arm of the bankrupt Moser Baer India owes Rs 2,240 crore to eight public sector banks — Punjab National Bank, State Bank of India, Exim Bank, Indian Overseas Bank, Central Bank of India, Union Bank of India, Bank of Baroda and Oriental Bank of Commerce.
Oriental Bank has the largest exposure to the company at Rs 850 crore, followed by Punjab National Bank at Rs 400 crore and State Bank of India at Rs 280 crore.
Moser Baer Solar, incorporated in 2007, is engaged in manufacturing photovoltaic cells and modules and also undertakes solar power plant installation projects on engineering, procurement and construction mode.