New Delhi: A year after it received a bailout from state-owned ONGC, Gujarat State Petroleum Corporation (GSPC) has approached State Bank of India for fresh loans and credit facilities for refinancing its existing debt.According to SBI sources, GSPC has requested the public sector lender for a term loan of Rs 2,100 crore for refinancing existing debt from Gujarat State Financial Services (GSFS). It has also pleaded with the public sector lender to sanction a Rs 750 crore fund-based credit facility. It has also asked SBI to take over loan of other banks in the consortium that lent to it.GSPC’s total debt currently stand at over Rs 13,000 crore, far higher than the Rs 2,000 crore threshold that the Reserve Bank of India (RBI) has chosen for referring loan defaulters to the bankruptcy courts.On Monday, Congress leader Jairam Ramesh held a press conference calling for GSPC to admitted into the bankruptcy process. Ramesh cited the RBI’s February 12 circular on stricter debt resolution norms. “GSPC’s highest debt is from SBI. According to RBI’s notification, SBI should declare GSPC as bankrupt by 5 pm today (Monday),” said Ramesh.Last year, ONGC acquired 80% stake in GSPC’s Deen Dayal West block in the K-G basin for Rs 7,783 crore, in a deal that left many analysts puzzled, fueling speculation that it was arranged and pushed through by the Centre. Significantly, in 2016, the national auditor had slammed GSPC for its mismanagement of investment in that block. When the discovery was initially made, over a decade ago, GSPC had claimed that block had gas reserves of 20 trillion cubic feet (tcf). But the CAG drastically downgraded GSPC’s reserves estimates.The national auditor in its audit report observed that the Gujarat PSU did not properly address the risks associated with cost, technology and price in development of the K-G Block.“GSPC did not act upon a proposal for inducting strategic/financial partner at a appropriate time in spite of high costs and technological challenges,” the Comptroller and Auditor General (CAG) said in its report.During 2011-12 and 2014-15, GSPC’s total borrowings increased 177% to Rs 19,716 crore, mainly because of development work in the K-G block, which led to doubling of its interest burden to slightly over Rs 1,800 crore.In this four-year period, the revenue from production fell to Rs 152 crore from Rs 230 crore due to a drop in prices of oil and production of gas from 119.24 million cubic metres to 50.21 million cubic metres.SBI presentationAccording to a presentation made by SBI Capital Markets Ltd before senior bank officials recently, GSPC has total loans of Rs 12,551 crore as at the end of March this year. Besides this, it has compulsorily convertible debentures of Rs 550 crore that are due for conversion into equity this fiscal.Of the Rs 12,551 crore debt that GSPC has on its books, Rs 6,000 crore is in the form of non-convertible debentures and Rs 2,248 crore as rupee-term loan.Another Rs 1,500 crore is owed to GSFS. It has also taken letter of credit (LOC) loan of Rs 1,136 crore and another Rs 1,035 crore in foreign currency. It also has short-term loan of Rs 600 crore on its balance sheets, according to the presentation.