Financial institutions and banks led by the Industrial Development Bank of India (IDBI) and ICICI Bank have cracked the whip on defaulting companies by issuing notices to them based on the promulgation of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance.
Both ICICI Bank and IDBI have reportedly moved against about 20 corporates each who collectively owe more than Rs 1000 crore. Some corporates are common to both these entities.
The corporates who have been served notices are : Core Healthcare, Marida Steel, some companies from the Lloyds Metal Ltd, Usha Group, Shalimar Synthetics, Continental Floatglass, Spectrum Power, Koshika Telecom, Parasrmapuria Synthetics, DSQ Group companies, Modipon Ltd, among others.
The notices have been sent to defaulting corporates across all sectors and more are in the pipeline.
According to an official,
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