Defaulters

Public sector banks have identified 1,629 wilful defaulters with outstanding loans totalling Rs 1.62 lakh crore as of March 31, 2025, according to the Union Finance Ministry

The finance ministry on Tuesday said top 50 wilful defaulters including Gitanjali Gems Limited, Era Infra Engineering Limited, REI Agro Limited, and ABG Shipyard Limited owe Rs 87,295 crore to banks and financial institutions. Of this, top 10 wilful defaulters owe Rs 40,825 crore to schedule commercial banks (SCBs), Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. SCBs have written off an aggregate amount of Rs 10,57,326 crore during the last five financial years (RBI provisional data for FY 2022-23), he said. "The Reserve bank of India (RBI) has apprised that the amount owed by top 50 wilful defaulters in SCBs was Rs 87,295 crore as on March 31, 2023," he said. Fugitive Mehul Choksi's Gitanjali Gems is the biggest wilful defaulter owing Rs 8,738 crore to banks. It is followed by Era Infra Engineering Limited owing Rs 5,750 crore, REI Agro Limited Rs 5,148 crore, ABG Shipyard Limited Rs 4,774 crore, and Concast Steel and Power Limited Rs 3,911 ...

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In a bizarre development, the Securities & Exchange Board of India (SEBI) has released a list of some nine Income Tax Department defaulters comprising companies and individuals who have reportedly gone 'missing' and untraceable.

The micro, small, and medium enterprises (MSME) ministry has created a portal where these firms can file applications online regarding delayed payments

Interpreting the margins at the cost of core legislation could be costly for the economy

Last week, prime minister Narendra Modi had said banks have managed to recover more than Rs 5 trillion from defaulters

That deal, approved by 90% of Siva Industries lenders, was signed as there were no other suitable offers; lawyers say it will set a bad precedent

More than banks, most of which have the balance sheet strength to stomach bad loans, it is the borrowers who will suffer once they are branded as defaulters since no lender will give them fresh money

The recovery of assets would help in meeting the obligations of clients, stock exchanges, and clearing corporations, Sebi said in a circular

The defaulters are 11 directors of Mass Infra Realty, five directors of Skymarg Agro, Life Care and its seven directors

The move comes in the wake of rising redemption pressure, lack of activity in the bond market and fears of non-payment of dues by corporate houses

A hundred companies were downgraded this year; of this, 41 were given a "default" rating

Jayant Sinha said the amount owed by wilful defaulters more than doubled to Rs 66,190 crore from Rs 27,749 crore