New Delhi: Banks struggling with the Rs 10-lakh crore non-performing assets (NPAs or bad loans) crisis are likely to recover around Rs 70,000 crore by the current fiscal-end over the Rs 80,000 crore they have already recovered through the insolvency cases resolved by the NCLT, Finance Minister Arun Jaitley said on Thursday.
In a Facebook post, titled “Two years of Insolvency and Bankruptcy Code” (IBC), Jaitley said so far 1,322 cases have been admitted by the National Company Law Tribunal (NCLT) and while 66 have been resolved after adjudication, 260 cases have been ordered for liquidation.
Citing the NCLT database, the Finance Minister said that 4,452 cases had been disposed of at the pre-admission stage and the amount so settled was around Rs 2.02 lakh crore.
“In 66 resolution cases, realisation by creditors was around Rs 80,000 crore. Some of the big 12 cases such as Bhushan Power and Steel, and Essar Steel India are in advanced stages of resolution and are likely to be resolved in this financial year in which realisation is expected to be around Rs 70,000 crore,” Jaitley said. (IANS)
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