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The finance ministry has said that it has asked banks to maintain zero tolerance against bad loans and be prepared to fight cases to resolve large NPAs or non-performing assets. Commenting on the issue, “The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as .”
“The adjournment of the Essar Steel case by the high court to July 12 will not deter banks or halt insolvency proceedings against other 11 cases,” he added. The court continued its order to the National Company Law Tribunal (NCLT)not to conduct any hearings in Essar Steel’s matter till July 12. Bankruptcy proceedings have also been moved against Bhushan Steel, Electrosteel Steel and Lanco Infratech which are among the 12 NPA or bad loan cases identified by Reserve Bank of India.