Public Sector Bank initiates insolvency proceedings against State Trading Corporation

Varun Marwah March 13 2019
National Company Law Tribunal

The NCLT Principal Bench has issued notice issued to Government-owned, State Trading Corporation (STC), in a filing made by Syndicate Bank in its capacity as a financial creditor.

STC is an international trading house owned by Government of India. It trades in a variety of products ranging from agricultural commodities to manufactured product. It has availed various credit facilities from 6 banks - Syndicate Bank, IOB, Exim, BOB, UBI and Indian Bank.

STC’s account was declared as an . . .

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