companies face Insolvency heat as they sell assets

New Delhi Jan 7: The Actions taken by the Government and RBI to clear the health of the banks are yielding results.Currently, Insolvency resolution Professionals were appointed by NCLT in some cases and some other companies are selling assets to clear the debt

Bhushan steel: Rs. 42,000 crore debt to banks. Vijaykumar Iyer, IRP appointed for Bhushan Steel, has sought resolution plans by December 23. Reports are that Arcelor Mittal, worlds largest steel company has shown interest to acquire the company

Videocon: Currently it owes Rs 47,000 crore debt the company has put Kenstar brand for sale.The D2h service is being merged with Dish TV to reduce the debt. In the past six years, the company has paid Rs 26,000 crore in interest to banks. The company sold spectrum to Bharti Airtel for Rs 4,428 crore. The company has already exited the telecom business

Jaypee Group: NCLT has declared the company insolvent and the Supreme court has ordered to deposit Rs 2000 crore.The company has already sold most of its cement to Ultratech cement to reduce some part of its debt.

Essar Group : It is the one of the top company which owes a huge debt to the banks and IRP has been appointed and the company has sold its oil business to restructure its debt.