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SBI Issue Recovery Notice to Mr Sanjay Singal of BPSL

Steel News - Published on Wed, 09 Sep 2020

Image Source: BPSL JSW
IANS reported that the State Bank of India has invoked the personal guarantees of Mr Sanjay Singal, former promoter of Bhushan Power & Steel Ltd, and has sent him a demand notice for recovery of INR 12,275.91 crore. The demand notice, seen by IANS, says that no security is provided by the guarantor so the entire amount as on August 31, amounting to INR 12,275.91 crore payable by the guarantor, is unsecured as regards the guarantor.

The development comes at a time when the resolution process of the bankrupt company hangs in fire and awaits a Supreme Court verdict.

The development comes days after the Finance Ministry has asked public sector banks to put in place a mechanism for monitoring cases which may require initiation of insolvency proceedings against the personal guarantors to corporate debtors.

Source :

Posted By : Yogender Pancholi on Wed, 09 Sep 2020
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