Congress alleges PM Modi not allowing GSPC to be declared bankrupt

Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt.
Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been unearthed in GSPC 13 years after Modi, then the Gujarat CM had announced the discovery of a natural gas block in the Krishna-Godavari basin in 2005.
Ramesh cited two CAG reports which noted that GSPC took loans of Rs 20,000 core from 15 banks and gave contracts for drilling to “four-five companies”. “Money was spent but gas was not found and today GSPC is in a financial condition where it needs to be referred to the Insolvency and Bankruptcy Code, 2016,” he said.

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