SBI converts debt to bankrupt infra firm into equity, Cong raises alarm

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SBI converts debt to bankrupt infra firm into equity, Cong raises alarm - Business Standard

Quick Summary:

Promoted by the Bhawanishankar H Sharma family, Mumbai based Supreme Infrastructure has been a loss-making company for a decade now.

The Mumbai-headquartered company is promoted by Bhawani Shankar Sharma, and it has been in loss for a decade now.

While questioning the effectiveness of India’s insolvency resolution framework and the role of public sector banks in managing distressed assets, Ramesh said, “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds.