State Bank of India (SBI) has invoked the personal guarantees of Sanjay Singal, promoter of Bhushan Power & Steel, after the company defaulted on loans worth Rs 48,000 crore to a consortium of banks.
The resolution plan for the debt-ridden company is almost ready, with JSW Steel declared the highest bidder for its Rs 19,700-crore offer. The matter is pending in the Supreme Court, which is expected to announce its verdict in two weeks.
In a notice to Singal, SBI said its loans of Rs 12,276 crore had been unpaid since 2017, and as no security was provided by the guarantor (Singal), t.....
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