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NCLT indicts banks on insolvency mandates for Kamineni Steel

Steel News - Published on Wed, 06 Dec 2017

Image Source: kaminenisteelpower
Economic Times reported that in an order involving insolvency process of Kamineni Steel, NCLT exercised discretionary powers in determining voting share of lenders for approving resolution plan, while indicting three issenting banks for their ambiguous stand.

The NCLT bench at Hyderabad has passed strictures on officials of PSBs while approving the resolution plan involving one time settlement submitted by the resolution professional.

It has indicted the dissenting banks for failing to clearly spell out their alternatives instead of just dissenting the resolution plan.

Source :

Posted By : Ratan Singh on Wed, 06 Dec 2017
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