Indian Bank files insolvency cases against 7 a/cs worth Rs 1,200 cr at NCLT

Targets to close the year with Rs 3.6 lakh cr in business, plans to raise Rs 1,200 cr

State-owned Indian Bank said it has initiated cases at the National Company Law Tribunal (NCLT) against seven more accounts worth Rs 1,200 crore. Indian Bank is the sole lender in all these accounts, said Kishor Piraji Kharat, managing director and CEO of the bank.

Out of the 12 accounts identified by the Reserve Bank of India (RBI) as large non-performing asset (NPA) accounts, the bank's exposure is to around eight of them, which are together worth Rs 2,650 crore, Kharat told Business Standard.

The bank has made a provision of Rs 130 crore during the first quarter of the financial year 2017-18