SBI seeks insolvency proceedings against Global Offshore Services

State Bank of India (SBI) has approached the dedicated bankruptcy court against BSE-listed Global Offshore Services Ltd to admit the company under Corporate Insolvency Resolution Process .

Mumbai-based Global Offshore Services is an offshore oil and gas support service. SBI contends that Global Offshore owes about Rs 600 crore to the bank. So far, opposing this plea, the company has argued in the Mumbai bench of the National Company Law Tribunal that the company is engaged in settlement talks with the lender and therefore, the petition must not be admitted.

On Thursday, the division bench presided by judicial member Suchitra Kanuparthi and technical member Anuradha Bhatia has adjourned the case for further hearing to April 6.