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RBI Starts Insolvency Proceedings: Bhushan Steel, Essar Steel, Alok Industries Among Most Likely Targets

Mumbai: The Book Bank of India (RBI) on Tuesday said 12 accounts representing concerning 25% of the gross negative car loans in the financial system would be eligible for immediate referral for personal bankruptcy proceedings. It used one criteria for shortlisting these accounts: they must have outstanding fees of at leastat the very least Rs5,000 crore, of which at leasta minimum of 60% must have been identified as non-performing by banks as of Mumbai: The Reserve Financial institution of India (RBI) on Tuesday claimed 12 accounts representing about 25% of the gross bad financings in the financial system would be eligible for immediate reference for insolvency process.
RBI did not call these 12 accounts. Mint has actually placed together a listing of likely candidates on which the Insolvency and Insolvency Code could be executed, based on financial obligation dimension and discussions with bankers. This listing will be updated as and alsowhen more details comes in.Bhushan Steel Ltd Lead Financial institution: Punjab National Bank Debt: Rs42,355.53 crore(

as on 31 March 2017); Rs38,529.26 crore (as on 31 March 2016)name these 12 accounts. Mint has placed together a checklist of likely candidates on which the Insolvency as well as Bankruptcy Code could be carried out, based on financial obligation size as well as conversations with bankers.

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