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Banks push debt-heavy firms to sell assets by March

Focus is on recovering part of the money from large borrowers before the close of the financial year

Dev Chatterjee & Abhijit Lele  |  Mumbai 

Alarmed by the losses of Rs 15,000 crore per quarter incurred by stressed companies, banks are asking debt-heavy firms to expedite assets sales before March 31. Bankers said the deadline was necessitated because there was no clarity when deals would close despite announcements made by companies. “There are no indicators that the companies are getting back on track even in the next financial year,” said a banker. Senior public sector bank executives said pressure had been built over the last few weeks for early resolution but timelines were stretched by ...

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