New Delhi, Aug 27 (IANS): Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 p.m.

The Congress leader said, On February 12, 2018, RBI issued a circular stating any company that owes more than Rs 20,000 crore to banks, should be declared bankrupt within 180 days.

"GSPC's highest debt is from SBI. According to RBI's notification, SBI should declare GSPC as bankrupt by 5 p.m. today (Monday)," said Ramesh.

During Prime Minister Narendra Modi's term as Gujarat Chief Minister, the GSPC was cited as one of the biggest successful Gujarat Model and was shown as an example for other states in India.

"In 70 years, for the first time the Central government has filed an affidavit in High Court against RBI, with the only intention of saving GSPC," said Ramesh.

Even after the sanction of Rs 20,000 crore to GSPC, no oil or gas has been extracted from GSPC, he said.

"The company is in bankruptcy now and this is a burden on taxpayers and public has been lied to," he added.