Senior public sector bank executives called Monday’s meeting a routine exercise where top bankers reviewed the progress made in work (for cases filed at NCLT). Banks will put in place necessary mechanism to ensure that the lenders do a good job.
“It was a stock-taking exercise. We want to smoothen the coordination among all the stakeholders,” said a banker.
Also Read
On June 13, the banking regulator had asked certain banks to refer 12 non-performing accounts to the NCLT for possible liquidation process.
The RBI’s internal advisory panel had recommended for reference accounts with fund and non-fund based outstanding greater than Rs 5,000 crore, with 60 per cent or more classified as non-performing by banks as of March 31, 2016.
Banks have created a list of jobs at hand and articulated ways to carry out activities with timelines.
These 12 accounts are Essar Steel, Bhushan Steel, Electrosteel Steels, Amtek Auto, Bhusan Power and Steel, Alok Industries, Monnet Ispat and Lanco Infra, Era Infra, Jaypee Infratech, ABG Shipyard and Jyoti Structures.
These accounts constitute about 25 per cent of the current gross non-performing assets in the banking system.
Out of these 12 accounts, nine have already been referred to the NCLT, while Lanco Infra, Jaypee Infratech and Era Infra are yet to be admitted.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in