Bankers’ meet to decide on large defaulters

Recently a Bankers’ meet was held to finalise the next course of action on six of the 12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.

The first set of six troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), told by banker.

According to RBI, these 12 accounts owe Rs 2.5 trillion to the system, which constitute around 25 % of gross bad loans.