State Bank of India (SBI) has reportedly initiated proceedings against Castex Technologies. SBI, the lead bank, initiated bankruptcy proceedings in the Mumbai bench of the National Company Law Tribunal (NCLT).
Castex Technologies is among 29 companies listed by the Reserve Bank of India that were required to be restructured by banks before December 13, failing which they would have to be referred to bankruptcy court by December 31.
Castex Technologies, formerly Amtek India, is an India-based iron casting company. The company's principal activity is motor vehicle parts and accessory manufacturing service.
