Left Menu
Development News Edition

Govt recovers Rs 1.08 lakh Cr out of Rs 1.8 lakh Cr of NPA

Govt recovers Rs 1.08 lakh Cr out of Rs 1.8 lakh Cr of NPA
Image Credit: Pixabay

The Finance Ministry is on course to meet the NPA recovery target of Rs 1.8 lakh crore by March 31, 2019, with the recoveries already touching Rs 1.08 lakh crore and many big-ticket default cases reaching resolution. Finance Ministry sources said big-ticket recoveries were due this month or in March from Essar Steel and Bhushan Power & Steel which together can fetch over Rs 60,000 crore. Aand they are just a few among the many. Recoveries have already touched over Rs 1 lakh crore in the current fiscal.

Last year, Financial Services Secretary Rajiv Kumar had said that recoveries of about Rs 1.8 lakh crore were assessed by banks which would be from cases under Insolvency and Bankruptcy Code and those outside it. Public-sector banks recovered Rs 74,562 crore from bad loans in the year ended in March 2018. The state-run banks will focus on recoveries, which will include developing an e-auction portal for auctioning properties seized by the portals.

There is so much urgency among the lenders to recover their dues that not taking any chances of possible delay, SBI had put its entire Essar Steel loan exposure of Rs 15,431 crore on sale though it did not meet the desired response. In 2019, the NCLT is expected to finalise corporate insolvency resolution process of stressed assets -- Videocon Group, Monnet Ispat, Amtek Auto, Ruchi Soya, Lanco Infratech, Jaypee Infratech.

In 2018, over Rs 80,000 crore was recovered from various corporate debtors under IBC, according to the Ministry of Corporate Affairs Secretary earlier. In the case of Essar Steel, the Supreme Court has already rejected the pleas of the operational creditors, clearing the deck for ArcelorMittal's offer which has put up a Rs 42,000 crore bid for the Ruias company. In the case of Bhushan Power & Steel, JSW is inching closer to acquiring them with a Rs 19,650 crore offer.

The Ministry has asked banks to monetise their non-core assets and expects assets worth Rs 18,000 crore to be monetised this fiscal but this looks difficult, the sources added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



WEF 2020: Trump seems politically correct in pulling out from Paris Agreement

If the survey of the World Economic Forum WEF is believed, Trump seems to enjoy the confidence of his people in flaying climate intuitions and climate activists. His preference for economic development over environmental protection not only...

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...


Latest News

China shuts down more cities in bid to contain deadly virus

Beijing, Jan 23 AP China decided on Thursday to lock down three cities that are home to more than 18 million people in an unprecedented effort to try to contain a deadly new viral illness that has sickened hundreds and spread to other citie...

WRAPUP 8-Millions on virus lockdown in China as WHO weighs response

China put millions of people on lock down on Thursday in two cities at the epicentre of a coronavirus outbreak that has killed 17 people and infected more than 630, as authorities around the world worked to prevent a global pandemic.Health ...

MCL to develop heritage garden complex at Hirakud Dam

Mahanadi Coalfields Limited MCL, a subsidiary of Coal India Limited, on Thursday said it plans to develop a heritage garden complex at Hirakud Dam on the lines of Mysores famous Vrindavan Gardens. Named Maa Samleshwari Gardens, the heritag...

Tanzanian home affairs minister fired over $453 mln contract

Tanzanian President John Magufuli fired his home affairs minister Kangi Lugola on Thursday, accusing him of mismanaging a 408 million euro 453 million fire department contract. Magufuli, who faces re-election for a second five-year term thi...

Give Feedback