Creditors get Rs 10 crore from sick companies

The creditors include SBI, IDBI, Kotak Mahindra Bank, Canara Bank, Reliance Asset Reconstruction Company and Asset Reconstruction Company

The official liquidator appointed by the Andhra Pradesh High Court today distributed Rs 10.19 crore dividend to the entitled creditors among others, involving 8 companies in liquidation.

The banks and other institutions that received the money against the loans that had later turned into NPAs, include State Bank of India, IDBI, Kotak Mahindra Bank, Canara Bank, Reliance Asset Reconstruction Company Limited and Asset Reconstruction Company (India) Limited.

Last financial year, the liquidator had distributed a total of Rs 90.98 crore of which Rs 58.94 crore was recovered from Allwyn Watches Limited, which is in liquidation.

Official liquidator S Chandrasekharan said currently 315 companies were in liquidation with liabilities running into hundreds of crores.

The companies that involved the latest round of recoveries are DCL Maritech Limited, Sunrise Oleo Chemicals Limited, Anasuya Spinners Limited, Allwyn Watches, Bimetallic Steel & Alloys Limited, Tirumala Technologies Limited, Vidyuth Steels Limited, Tungabhadra Industries Limited and Midwest India Industries Limited.