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Tuesday , 22 August 2017
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RBI sends top 12 defaulters list to banks for bankruptcy proceedings

Sources have revealed that the Reserve Bank of India (RBI) has finalized the list of top 12 stressed accounts and has sent the list to banks so that action can be taken under the Insolvency and Bankruptcy Code (IBC). According to sources, the entities mentioned in the list include Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, JP Infra, Lanco Infratech, Monnet Ispat, Jyoti Structures, ABG Shipyard, Amtek Auto and Era Infra. These entities have incurred loans of more than Rs 5,000 crore and in each case, more than 60 percent has been classified as non-performing assets. However, the same is yet to be confirmed by RBI.

Collectively, these 12 entities have a debt exposure of around 2 lakh crore. The top on the list is Bhushan Steel which has a gross debt of more than Rs 44,000 crore. Next is Bhushan Power, which has a gross debt of Rs 35,000 crore. Next in the list are Alok Industries with debt of Rs 24,000 crore, Monnet Ispat’s with Rs 12,000 crore debt and Electrosteel Steels with Rs 10,000 crore debt. Soon after the news about the list was leaked in the market, shares of many of these companies tanked up to 20 percent on the stock markets.

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