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NCLT gives go ahead for insolvency case against Bhushan Power & Steel promoters

Economic Times  

The Delhi bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against erstwhile Bhushan Power and Steel Ltd (BPSL) promoters Sanjay Singal and wife Aarti Singal in an important step for banks seeking to recover INR 12,500 crore each from the personal guarantees issued by the duo for loans taken for the company over the years. The Delhi NCLT granted interim moratorium and confirmed Reshma Mittal as resolution professional (RP) in a petition filed by lead lender State Bank of India (SBI). This is the second high profile insolvency case admitted after similar proceedings were initiated against Videocon promoter Venugopal Dhoot on September 1. Cyril Amarchand Mangaldas is representing SBI in the case.