The State Bank of India (SBI) has invoked the personal guarantees of Sanjay Singal, promoter of Bhushan Power & Steel Ltd, after the company defaulted on loans worth Rs 48,000 crore to a consortium of banks. The company's debt resolution is almost ready, with JSW Steel declared the highest bidder with Rs 19,700-crore as an offer for the company.
The matter is pending before the Supreme Court which is expected to come out with its verdict in next two weeks. The SBI's notice to Singal said the company's loans worth Rs 12,275.91 crore are unpaid since 2017. As no security ...
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