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SBI MD calls for faster resolution of NPAs

Steel News - Published on Mon, 17 Jul 2017

Image Source: Business Standard
Business Standard reported that unhappy with the pace of the resolution of Non-Performing Assets, especially with the Essar Steel case in the court, a top SBI official said the process should be faster as delays lead to further losses. Mr Rajnish Kumar State Bank of India Managing Director told BTVi in an interview that "Resolution should be faster than this. The more you delay, more is the loss of economic value, which is in nobody's interest. Let's find out to what level the debt can be sustained or not sustained and if the company needs to go into liquidation, we need to do that.”

Mr Rajnish Kumar hoped that the Gujarat High Court will decide quickly on the Essar Steel case. He added that "Delaying the process is in nobody's interest. We will only pray that the court decides on the matter quickly and settles the law."

The SBI officer said that "Since the case is in the court and if the company has sought legal remedy, the court will decide and give judgement quickly. This is a new law; interpretations around the law, and the ecosystem everything is in development stage.”

Source :

Posted By : Sanju Moirangthem on Mon, 17 Jul 2017
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