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RBI to list almost 35-40 companies on defaulter’s list
The Reserve Bank of India (RBI) has increased its focus in targeting serial loan defaulters and has now shifted its focus on to nearly 35 to 40 highly- leveraged companies. A list of 28 of these companies that could face the heat has been revealed. Though these companies will not be facing immediate bankruptcy proceedings, they will be sent to the National Company Law Tribunal (NCLT) for proceedings if the banks do not find a resolution within 3 months.

The companies featuring in the list are Videocon Industries, Videocon Telecom, JP Associates, Uttam Galva, Visa Steel, Monnet Power, Ruchi Soya, Orchid Chemical, IVRCL, Shakti Bhog, Nagarjuna Oil, Jai Balaji, Jayswal Neco, Soma Enterprises, Essar Projects, Unity Infra, Castex, East Coast Energy, SEL Manufacturing, Asian Colour Coated Ispat, Transstroy India, Ushdev International, Anrak Aluminium, BILT Graphic Paper Products Limited, Coastal Projects, GET Power Limited, Wind World (India) Limited.

The list of defaulting companies have taken loans from all banks and the State Bank of India has about 26 defaulters in its list. The cut-off date for these companies is June 2016 pursuant to which their accounts have turned into non-performing assets (NPAs).

Banks have been given time till December 13 to make sure a resolution is found for these accounts.

The total amount of debt from these companies is likely to be over Rs 2 lakh crore.
Posted on: 2017-09-04 15:30:32





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