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Banks to soon refer 23-24 firms to NCLT - Report

Steel News - Published on Tue, 02 Jan 2018

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Press Trust of India reported that with the closure of RBI's deadline to resolve the 28 identified large stressed accounts in the second list, banks are gearing up to refer as many as 24 of them for insolvency proceedings. In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts or refer them to the National Company Law Tribunal (NCLT) by December 31. These accounts together account for 40% of bad loans of around INR 4 trillion.

Some of the large accounts, which are likely to go to the NCLT, include
Asian Color Coated Ispat
Castex Technologies
Coastal Projects
East Coast Energy
Orchid Pharma
SEL Manufacturing
Uttam Galva Metallic
Uttam Galva Steel
Visa Steel
Essar Projects
Jai Balaji Industries
Monnet Power
Nagarjuna Oil Refinery
Ruchi Soya Industries
Wind World India.

In the case of Anrak Aluminium, the lenders are looking for a one-time settlement, while for Soma Enterprises, the banker said the account is closer to resolution. For Jaiprakash Associates -- its EPC business arm -- the lenders are seeking Reserve Bank approval for a "deep restructuring", another banker said.

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Posted By : Rabi Wangkhem on Tue, 02 Jan 2018
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