Lenders take Bhushan Power to NCLT

Bhushan Power & Steel on Friday became the sixth among the 12 largest indebted companies named by the Reserve Bank of India (RBI) to face liquidation proceedings, as the lenders led by Punjab National Bank decided to refer it to the National Company Law Tribunal (NCLT). The proceedings will be carried out against the company under the Insolvency and Bankruptcy Code. Delhi-based Bhushan Power & Steel owes ~37,248 crore to a consortium of lenders led by PNB. On Thursday, lenders led by SBI had decided to send Bhushan Steel, Essar Steel and Electrosteel Steels to the NCLT to initiate insolvency proceedings