GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Banks Yet to Refer 12 Bad Loan Cases to National Company Law Tribunal: IBBI

Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo on Monday said that there is a process which banks need to follow post which the 12 non-performing assets (NPAs) cases would come before the IBBI for resolution.

IANS

Updated:June 19, 2017, 8:48 PM IST
facebookTwittergoogleskypewhatsapp
Banks Yet to Refer 12 Bad Loan Cases to National Company Law Tribunal: IBBI
Image for representation only.
New Delhi: Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo on Monday said that there is a process which banks need to follow post which the 12 non-performing assets (NPAs) cases would come before the IBBI for resolution.

There is a process that needs to be followed as the banks need their Board approval after which they need to file cases with National Company Law Tribunal (NCLT), which is the adjudicating authority, he said.

Reserve Bank of India (RBI) recently identified 12 bad loan accounts which will be resolved through the insolvency route.

The Internal Advisory Committee (IAC) has noted that 12 accounts totaling about 25 percent of the current gross NPAs of the banking system would qualify for immediate reference under theInsolvency and Bankruptcy Code, 2016.

IAC recommended for IBC reference all accounts with fund and non-fund based outstanding amount greater than Rs 5,000 crore, with 60 percent or more classified as non-performing by banks as of March 31, 2016.

The IAC took up for consideration the accounts which were classified partly or wholly as non-performing from amongst the top 500 exposures in the banking system.

The IAC has been constituted under the Banking Regulation (Amendment) Ordinance, 2017, passed by the government last month, that allowed more power to the RBI to tackle the NPAs issue. It has been empowered to issue directions to commercial banks to initiate insolvency proceedings for recovering bad loans.
Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Reliance 915.60 -0.55 -0.06
HDFC 1,710.80 +0.85 +0.05
SBI 318.45 +0.05 +0.02
Infosys 1,010.50 +5.20 +0.52
Maruti Suzuki 9,131.35 -2.45 -0.03
Company Price Change %Gain
Bajaj Finance 1,698.65 -8.50 -0.50
Petronet LNG 251.15 +0.95 +0.38
Fortis Health 128.10 -10.80 -7.78
Bharat Fin 993.05 -10.00 -1.00
Tata Motors 405.70 -4.50 -1.10
Top Gainers
Company Price Change %Gain
Dr Reddys Labs 2,256.35 +63.45 +2.89
Adani Ports 402.50 +10.75 +2.74
ONGC 183.30 +4.40 +2.46
GAIL 491.90 +10.70 +2.22
Lupin 846.80 +7.65 +0.91
Company Price Change %Gain
Dr Reddys Labs 2,255.60 +62.10 +2.83
Adani Ports 401.60 +9.65 +2.46
ONGC 182.95 +4.05 +2.26
Lupin 845.00 +7.30 +0.87
Infosys 1,011.10 +7.60 +0.76
Top Losers
Company Price Change %Gain
HPCL 414.95 -17.60 -4.07
Bharti Infratel 355.40 -12.65 -3.44
Tata Power 90.55 -3.00 -3.21
BPCL 498.95 -15.25 -2.97
Coal India 263.40 -6.45 -2.39
Company Price Change %Gain
Coal India 263.25 -6.60 -2.45
Cipla 590.75 -13.10 -2.17
Hero Motocorp 3,444.95 -69.60 -1.98
Bharti Airtel 524.75 -7.75 -1.46
TCS 2,614.15 -41.85 -1.58

Live TV

File is:/article-scroll-new.php