LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

SBI may begin insolvency proceedings against 12 defaulters

A total of 28 accounts were identified by the RBI as wilful defaulters of lenders, which are facing heavy stressed assets in their balance sheet.           

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
SBI may begin insolvency proceedings against 12 defaulters
The State Bank of India (SBI) branch in Korattur, Chennai. Photo: IANS
Written By: ZeeBiz WebTeam
Updated: Tue, Jan 02, 2018
02:38 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
From SBI Power Demat Account avail benefit of SBI Savings Account - From free ATM card to loans, check out offer by State Bank of India From SBI Power Demat Account avail benefit of SBI Savings Account - From free ATM card to loans, check out offer by State Bank of India
SBI share price: Technical Analysis for investors by Bonanza Portfolio SBI share price: Technical Analysis for investors by Bonanza Portfolio
SBI mega e-Auction: Chance to buy your dream home, other properties at affordable prices  SBI mega e-Auction: Chance to buy your dream home, other properties at affordable prices
SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on Rs 50 lakh loan - here is how SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on Rs 50 lakh loan - here is how
SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside

For banking system, the year 2018 begins with insolvency proceedings against majority of wilful defaulters. The largest lender, State Bank of India (SBI), is likely to take lead in referring a dozen of such defaulters to NCLT.
 
Last week, the Lok Sabha passed the much-awaited Insolvency & Bankruptcy Code (Amendment) Bill 2017, which will tighten the noose around wilful defaulters.
 
The Reserve Bank of India (RBI) had also given bankers the time till December 31, 2017, to decide on the defaulters if it wants to bring resolution to expose them through other mediums or to take them for NCLT.
 
According to Economic Times report, the SBI will take defaulters, including Videocon Industries, Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco and Jai Balaji, to the National Company Law Tribunal (NCLT) from today.
 
The SBI is not the lead bank in referring all the cases to NCLT, but is the largest lender among them.
 
For Jai Balaji, Allahabad Bank was the lead banker, but in early December – the bank sold the company's loan amount to Edelweiss ARC. This left SBI to take the lead to refer the firm to the panel.
 
The RBI has reportedly asked SBI to refer Anrak Aluminium to the tribunal seeking insolvency, after the NCLT rejected the company's petition in the “interest of nation”.
 
NCLT under Section 10 of IBC code 2016, rejected insolvency petition filed by Anrak as corporate debtor, and then SBI approached the tribunal as a financial creditor under Section 7 of the code.
 
A total of 28 accounts were identified by the RBI as wilful defaulters of lenders, which are facing heavy stressed assets in their balance sheet.
 
RBI had sent out a letter to lenders in August, asking them either to resolve these 28 accounts through any of RBI's scheme before December 13, 2017 or take the companies under IBC at the NCLT before December 31, 2017.
 
Out of that list, Videocon Industries has the largest loan amount of Rs 47,000 crore. SBI has also shortlisted Alvarez and Marsal as the interim resolution professional for the company.
 
By first half of FY18, SBI's gross NPA stands at Rs 186,115 crore versus Rs 159,806 a year ago in the same period. In ratio terms, the bank's gross NPA comes at 9.83% in 1HFY18 versus 8.52% in 1HFY17.
 
SBI share price tumbled nearly 2%, and currently at around 1350 hours it is trading at Rs 304 per piece, down by 0.99% on the BSE.
 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
SBISBI defaulters listRBIWillful DefaultersInsolvency & Bankruptcy CodeRBI's second defaulters listInternal Advisory CommitteeLok SabhaNational Company Law TribunalSBI gross NPASBI balance sheetState Bank of IndiaBanking & Financial ServicesSBI share priceMarkets
RELATED NEWS
From SBI Power Demat Account avail benefit of SBI Savings Account - From free ATM card to loans, check out offer by State Bank of India From SBI Power Demat Account avail benefit of SBI Savings Account - From free ATM card to loans, check out offer by State Bank of India
SBI share price: Technical Analysis for investors by Bonanza Portfolio SBI share price: Technical Analysis for investors by Bonanza Portfolio
SBI mega e-Auction: Chance to buy your dream home, other properties at affordable prices  SBI mega e-Auction: Chance to buy your dream home, other properties at affordable prices
SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on Rs 50 lakh loan - here is how SBI Home Loan EMI Calculator: Save more than Rs 2000 per month on Rs 50 lakh loan - here is how
SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside SBI Home Loan – Bank offering amazing opportunity to buy a home at concessional interest rates; see FULL details inside

LATEST NEWS

LIVE: Gujarat Municipal Election Results 2021: BJP wins 803 seats - Check latest news updates, seat details here

Gujarat Elections Final Results Till Now: PM Narendra Modi bows to people of Gujarat for faith, affection towards BJP

PUBG Mobile update: PUBG Mobile New State game may not be launched in India?

Heranba Industries IPO: Allotment to be out today I Retail Investors anxious and nervous

Stocks in Focus on March 2: BPCL, Auto Stocks, IGL, NMDC to Coal India; here are the 5 Newsmakers of the Day

Yes Bank Share Price: Experts unveil this money making strategy in this stock

7th Pay Commission latest news today: Central government employees alert! This premium is part of your allowance

LIVE: Gujarat District Panchayat Elections Results 2021: Check latest local body polls seats, trends, news updates here

Realme unveils 108MP sensor for upcoming Realme 8, Realme 8 Pro smartphones | All details here

Virat Kohli becomes 1st Indian cricketer to reach 100mn followers on Insta

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved