ALSO READBanks to refer 23 large stressed accounts to NCLT for insolvency proceeding PNB puts 9 large stressed accounts under IBC resolution Insolvency case: Essar Steel 'suppressed facts', says SBI to Gujarat HC Bad loans: SBI expects most cases from RBI second list to go to NCLT State Bank of India mulls revising minimum balance amount and penalty
"Financial bids of Electrosteel and Monnet Ispat have already come. We hope to receive bids for remaining cases during this month itself," SBI Chairman Rajnish Kumar told PTI.
Other cases which are pending before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) are Essar Steel, Bhushan Steel, Bhushan Power and Steel, Lanco Infra, Alok Industries, Amtek Auto, Era Infra, Jaypee Infratech, ABG Shipyard and Jyoti Structures.
RBI's internal advisory committee (IAC) in June identified 12 accounts, each having more than Rs 50 billion of outstanding loans and accounting for 25 per cent of total NPAs of banks.
Non-performing Assets(NPAs)of public sector banks have increased to Rs 7.33 trillion as of June 2017, from Rs 2.78 trillion in March 2015.
As part of the second list, bankers decided to take all cases but Anrak Aluminium, Jayaswal Neco Industries, Soma Enterprises and Jaiprakash Associates for resolution.
The Supreme Court on Wednesday said it would decide at a later stage the application of RBI seeking its nod to file insolvency proceedings before NCLT against the promoter company Jaiprakash Associate Limited (JAL).
The apex court directed realtor JAL to give details of its ongoing housing projects in the entire country while reiterating its direction that its directors shall not alienate their personal properties.
A bench headed by Chief Justice Dipak Misra also directed amicus curie Pawan Shree Agrawal to set up a portal to take note of the grievances of the home buyers of JAL.
IBC has defined a time-frame for the resolution and there is a 14-day time period for admission or rejection of a case by NCLT.
After a case is accepted by NCLT, the creditor gets 30 days to hire insolvency practitioners and then the entire process is to be completed in 180 days which takes into account various possibilities including revival of projects or liquidation.