Leading bankers today reviewed the progress on the 12 large stressed accounts named by the Reserve Bank resolution for action under the Insolvency and Bankruptcy Code (IBC) here.
The Internal Advisory Committee (IAC) of the Central bank had on June 13 directed the banks to refer 12 non-performing accounts to the National Company Law Tribunal for possible liquidation process.
hese 12 accounts were — Essar SteelBSE 0.41 %
, Bhushan SteelBSE -0.30 %,
Electrosteel SteelsBSE 0.00 %
, Amtek AutoBSE -0.95 %
, Bhusan Power and Steel, Alok Industries, Monnet Ispat and Lanco Infra, Era Infra, Jaypee Infratech, ABG Shipyard and Jyoti Structures. Together, they account for a quarter of the total Rs 8 trillion of NPAs.
“It was a stock-taking exercise. We want to smoothen the co-ordination among all the stakeholders,” said a banker.
Out of these 12 accounts, nine have already been referred to the NCLT,
while Lanco Infra, Jaypee Infratech and Era Infra are yet to be admitted.