Search
SBI to Start Insolvency Proceedings Against 12 Mega Defaulters
January 04, 2018
With the Christmas and New Year holidays passed, India’s largest lender State Bank of India is going to start insolvency proceedings against a minimum of 12 defaulter companies including Videocon Telecom, Videocon Industries, Essar Projects, Uttam Steel, and Monnet Power by referring them all to the National Company Law Tribunal (NCLT).
The Reserve Bank of India had earlier asked the banks to resolve the bad loans on their own or else forward the same to the NCLT. However, in the latter, they have to set aside 50% as provisions on the loans.
