“Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12 per cent stake in the company.”Finance minister said that NPA resolution process is being done through a fair and transparent Insolvency & Bankruptcy Code helping boost both the banking sector and the economy.He said that for the first time such a large loan resolution has been achieved through upfront payment received by banks through sale of a company.65 per cent in Bhushan Steel (BSL) for consideration of Rs 36,400 crore. This was possible due to the robust and transparent Insolvency and Bankruptcy Code brought by this government,” tweeted finance minister Piyush Goyal.Union finance ministry on Friday said successful acquisition of debt-ridden Bhushan Steel by Tata Steel through insolvency and bankruptcy law will increase lending capacity of banks. This will boost employment & the economy even more,” said Mr Goyal. This amount would go directly to lenders improving their bottomlines.This has been recognised by International China Hex Nuts Factory From China Manufacturers Credit Rating Agencies as well.Bamnipal Steel, a subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72. “This is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this government.. Liquidation value of Bhushan Steel was Rs 14,541 crore but creditors received almost four times the amount. “With recovery of NPAs, banks will now be in a position to offer more and affordable credit to major sectors of the economy especially the MSME sector
Tags: heavy hex nuts Suppliers
carbonnutj