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.

Also Watch

Read full article
Loading...
Most Active
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Auto 2,839.60 -275.40 -8.84
Reliance 1,128.65 +23.80 +2.15
Infosys 1,348.10 +31.40 +2.38
Ashok Leyland 107.45 +1.75 +1.66
Company Price Change %Gain
Bajaj Finance 2,721.50 +203.90 +8.10
ICICI Bank 266.00 +4.80 +1.84
Infosys 1,348.35 +31.80 +2.42
Bajaj Auto 2,841.10 -271.70 -8.73
Power Grid Corp 176.20 -1.05 -0.59
Top Gainers
Company Price Change %Gain
Bajaj Finance 2,721.35 +201.15 +7.98
Bajaj Finserv 6,663.95 +367.05 +5.83
Sun Pharma 560.10 +15.15 +2.78
Tech Mahindra 659.45 +17.25 +2.69
Cipla 625.80 +15.70 +2.57
Company Price Change %Gain
Sun Pharma 559.90 +14.80 +2.72
Infosys 1,348.35 +31.80 +2.42
Reliance 1,128.55 +24.65 +2.23
ICICI Bank 266.00 +4.80 +1.84
Axis Bank 534.45 +7.15 +1.36
Top Losers
Company Price Change %Gain
Bajaj Auto 2,839.60 -275.40 -8.84
HPCL 275.40 -9.00 -3.16
IOC 161.05 -4.75 -2.86
Vedanta 202.40 -5.80 -2.79
BPCL 388.85 -9.45 -2.37
Company Price Change %Gain
Bajaj Auto 2,841.10 -271.70 -8.73
Vedanta 202.60 -5.70 -2.74
Hero Motocorp 3,373.15 -85.75 -2.48
ONGC 157.85 -3.55 -2.20
Kotak Mahindra 1,333.45 -16.80 -1.24
Loading...
Loading...