Bankruptcy Proceeding against top 12 Defaulters

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RBI have scrutinized and discovered top 12 accounts which are having outstanding loans individually more than Rs.5000 Cr and almost 25% of total Non- performing Assets.

RBI all set to direct Banks to take up Bankruptcy Proceeding  action against the 12 Accounts on basis of resolution under the bankruptcy law.

Its been stated by RBI that, “In particular, the IAC recommended for IBC reference of all accounts with fund and non-fund based outstanding amount greater than Rs. 5,000 crore, with 60 per cent or more classified as non-performing by banks as of March 31, 2016,”

The name of the Defaulters are not been disclosed to the public but for recovering the dues, the proceeding will be started by the banks as per the direction by RBI.

The Internal Advisory Committee have played the major role in tracing the 12 defaulters who holds the accounts having around 25% of current gross non- Performing Asset of Banks.