 "IDBI Bank mulls insolvency proceedings against defaulter")
IDBI Bank is said to be planning to approach National Company Law Tribunal (NCLT) to recover bad loans worth Rs 100 crore from a company. Under Insolvency and Bankruptcy Code, a bank can file a case in NCLT to recover debt.
An official in the know said, “The IDBI Bank is planning to file for insolvency proceedings against a company to recover Rs 100 crore.” When contacted, IDBI declined to comment, citing silence period before announcement of results.
Till March-end, of 30 cases admitted in NCLT, seven were by banks. However, none was from a public sector bank (PSB).
PSB IDBI Bank’s total
