Financial Bidding process for NPA accounts by Month End
India’s largest lender State Bank of India has said that it expects financial bidding process for resolution of 12 big stressed accounts to be over by the end of this month. As per reports, SBI is the lead banker in 6 out of 12 large NPAs with a total outstanding loan of Rs 1.75 lakh crore. Commenting on the issue, SBI Chairman Rajnish Kumar told the media, “Financial bids of Electrosteel and Monnet Ispat have already come. We hope to receive bids for remaining cases during this month itself.”
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“Other cases which are pending before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) are Essar Steel, Bhushan Steel, Bhushan Power and Steel, Lanco Infra, Alok Industries, Amtek Auto, Era Infra, Jaypee Infratech, ABG Shipyard and Jyoti Structures,” he added. As per reports, RBI’s internal advisory committee (IAC) in June identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans and accounting for 25 percent of total NPAs of banks.
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