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Public sector banks recovered nearly 1.2 billion rupees of troubled badets during the financial year ended in March, mainly through a resolution under the Code of Business. Insolvency and bankruptcy (IBC), said a manager. In the first half of the previous fiscal year, banks recovered 60,713 million rupees in bad debt.
"Due to the non-resolution of some large accounts covered by the NCLT (National Company Law Tribunal), public service bodies could not achieve the goal of 1.80 lakh crore. these accounts must be resolved during the current fiscal year, "said the manager.
Banks have recovered nearly 55,000 crore from the resolution of the NCLT, said the manager.
"Compared with 74,562 R cr in 2017-18, the previous year's recovery almost doubled to reach Rs 1.2 billion," said the manager.
Two major accounts concerning Essar Steel and Bhushan Power & Steel Ltd are still pending resolution.
Both accounts are expected to be settled in the next few months and recoveries could amount to about Rs 50,000 crores.
JSW Steel revised its offer from 11,000 crore to 18,000 crore and then to over 19,000 crore. , while the las Tata Steel's offer was at Rs 17,000 crore after refusing to revise its bid. ArcelorMittal has made an offer of 42 billion rupees on Essar Steel.
According to the official, the consolidation of public sector banks and higher recovery rates by state-owned lenders will feature on the government's agenda this fiscal year.
Regarding the liquidity crisis in non-bank financial corporations (NBFCs), the manager said that the solvency and liquidity of the company posed problems at a time.
"Government and Reserve Bank of India Will Take Adequate Measures" 19659002] Many NBFCs, including DHFL and Indiabulls Finance, have been subjected to severe liquidity pressure forcing them to stop relying on commercial paper.
Since the outbreak of the IL & FS securities crisis, banks have been opposed to lending to the sector, putting them in a difficult situation. It is to be feared that NBFCs will run out of money, which will lead to failures.
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