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Banks Review Progress of 12 Mega Loan Defaulter Accounts

August 10, 2017

Banks Review Progress of 12 Mega Loan Defaulter Accounts

India’s top banks that are dealing with the 12 biggest loan defaulters reviewed the progress supported by the Reserve Bank of India under the Insolvency and Bankruptcy Code (IBC) yesterday.

It was June 13 then RBI’s Internal Advisory Committee (IAC) had asked the banks to refer the 12 mega NPAs to the National Company Law Tribunal seeking liquidation. A few of these accounts are Alok Industries, Jaypee Infratech, Era Infra, Bhushan Steel, Essar Steel, etc.

One of the bankers who was a part of the review process said that it was a stocktaking exercise that was meant to smoothen the process.

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