Leading bankers reviewed the progress on the 12 large stressed accounts named by the Reserve Bank resolution for action under the Insolvency and Bankruptcy Code (IBC) in Mumbai today.
The Internal Advisory Committee (IAC) of the Central bank had on June 13 directed the banks to refer 12 non-performing accounts to the National Company Law Tribunal for possible liquidation process.
According to one of the bankers present at the meeting, It was a stock-taking exercise to smoothen the co-ordination among all the stakeholders. He informed that the IAC has referred all accounts whose fund and non-fund based loans are greater than Rs 5,000 crore, with 60 per cent or more classified as non-performing assets by banks as of March 2016, to the NCLT.
The Internal Advisory Committee (IAC) of the Central bank had on June 13 directed the banks to refer 12 non-performing accounts to the National Company Law Tribunal for possible liquidation process.
According to one of the bankers present at the meeting, It was a stock-taking exercise to smoothen the co-ordination among all the stakeholders. He informed that the IAC has referred all accounts whose fund and non-fund based loans are greater than Rs 5,000 crore, with 60 per cent or more classified as non-performing assets by banks as of March 2016, to the NCLT.
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