Lender drags 7 firms to NCLT for insolvency process

Bank made a provision of Rs 130 crore in 1st quarter of current financial year

Indian Bank has filed cases at the National Company Law Tribunal (NCLT) in seven bad loan cases, involving  Rs 1,200 crore, under the Insolvency and Bankruptcy Code (IBC). 

In all these accounts, Indian Bank is the sole lender. The bank made a provision of Rs 130 crore in the first quarter of the current financial year and it planned to make a provision of Rs 365 crore for the whole year for these accounts, Kishor Kharat, managing director & chief executive officer, said. 

Bank officials said in another 10 accounts, worth around Rs 200 crore, either suppliers or creditors had initiated actions.