x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Five dead as landslide hits vehicles in J K's Kishtwar | 2 Haryana youth detained over attack on Umar Khalid | Pakistan says PM Modi asked Imran Khan to resume dialogue, India denies claim | SC serves notice to UP government, police in 2007 Yogi Adityanath's hate speech case | Not clothes or food, need skilled people to come and rebuild Kerala: Union minister | English Vinglish actress Sujata Kumar dies after battling cancer for long, last rites to be held today | Over 100 people taken hostage by Taliban terrorists in Afghanistan | BJP to suffer major losses in 2019: Kejriwal | Man in uniform alleges Kerala CM obstructed rescue ops, Army calls 'viral video' fake | 43 pilgrims leave for Amarnath Yatra | Credibility or power, BJP has to choose | Director School Education Kmr says teachers won't be posted in zonal offices | Amid state mourning on Vajpayee's demise, babus make merry in Gulmarg | SPDC overlooks renovation of Hydro Projects | Change in Pakistan's approach turns out a mere myth | Despite State mourning, National Flag on GDC Samba flown full mast | Shrine Board employees over charging for battery car facility | Digitization of land record remains a farce in JK | Factionalism in Cong: Senior leaders skip meeting convened by Mir | Imran Khan silent on building bridges with India | Population explosion in India | Fiddling with the Gadgets! | ROYAL ART WITH UNMATCHED LUXURY | Reasi Residents joined Shiv Sena | Popular singer-rapper Badshah launches Mirchi 98.3 in Kashmir | Missing DPS Srinagar Student Found in Jammu | Narinder Singh takes dig at BJP for criticizing Navjot Sidhu's visit to Pakistan | Sanskar Sanskriti Manch' announces office bearers for Udhampur | Advisor Ganai holds public outreach program at Jammu | Rana donates one month salary towards Kerala Flood Relief Fund | BJP's Govt formation plans receives setback as PDP rebels skip Vajpayee's last rites | PAF exhibit resentment over selective invitation of SSP Kishtwar | YAC organizes rally | Clerical Association Kishtwar defers Mass Casual leave strike | Drug peddler held with 4 gram heroin | NCP welcomes centre, state govt to have 3-tier Panchayati Raj system | Sanskrit scholar's pay tributes to Atal Bihari Vajpayee | Over 10 kg poppy straw recovered, two held | IIPA organizes panel discussion on "Uninterrupted Power Supply to Jammu" | Several join JKNPP | SNCF organizes blood donation camp | MLA provides Rs 18 lakh for construction of play ground | Two injured in road mishaps | Red Cross society distributes training certificates | Roy Keshav selected for Young Hero Award | 4th Samba district shooting championship concludes | Tarang 2018 Commences | Natrang stages 'Kafan' | Two training workshops for PGT's held | Indian Style Wrestling C'ship concludes | Non availability of anesthesia Doctor hampers functioning of DH Kishtwar | Under garb of laying Transmission line; Over 300 walnut trees axed in Budgam | PDD headless since July 31; post of DCP, CE vacant | Employees having no salary issues also hit streets | Army guns down 4 infiltrators along LoC in Tangdhar, Nowgam, operation in progress | Kiosk owners rue dual yardstick over anti-encroachment drive | Teachers' hold protest in favour of implementation of 7th Pay Commission | BMO Mendhar seals Tea stall instead of clinic | NPP to fight for pride, honour of Dogras till last: Harsh | Poonch admin leaves Budha Amarnath guests high & dry | Admin in slumber as under privileged family lives under constant risk | Four dental clinics, three laboratories sealed in Mendhar | Pahri hostel students held protest for release of the pending salaries of CWs | No check on market in Mendhar | Govt gives Kerala Rs 2 cr for flood relief | 148 pilgrims leave for Amarnath Yatra | 2 JeM Over-ground Workers Arrested | KPs needs to be heard, healed and hugged: KPC | Chandi Mata Chhari Leaves for Atholi Padder from Kishtwar | NMC demands disbursal of salary, pension | Drug peddler arrested, Brown sugar recovered | Rajput Sabha Samba hold meeting | Lecturers' Forum holds Monthly Meeting | Noise pollution alarmingly high in Jammu: Survey | Un-regularised engineers constitute committee | DF&SS stages protest against Sidhu | JK United Peace Movement organises seminar on Article 35-A, 370 | Rates of sacrificing animals unaffordable for poor: YASHN | BJP failed to provide basic human requirement to poor people: Congress | Residents of Sainik Colony hold meeting | Back Issues  
 
news details
Finance ministry expects banks to get back over Rs 1 lakh crore with resolution of 12 major NPAs
5/20/2018 11:53:20 PM
Agencies

NEW DELHI, May 20: Enthused by successful conclusion of Bhushan Steel case, the finance ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list.
Last week, Tata Group acquired controlling stake of 72.65 per cent in the debt-ridden Bhushan Steel Ltd for around Rs 36,000 crore will help in cleansing the banking system as well as boost lenders profitability.
The remaining 11 NPA cases which are in the pipeline will easily bring to the table over Rs 1 lakh crore and the amount coming from resolution under the Insolvency and Bankruptcy Code (IBC) will directly add to the bottomline and help in reduction of NPAs of the public sector banks, a senior finance ministry official said.
Last year in June, RBI's internal advisory committee (IAC) identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans and accounting for 25 per cent of total NPAs of banks.
Following the RBI's advisory, banks referred Bhushan Steel Ltd, Bhushan Power & Steel Ltd, Essar Steel Ltd, Jaypee Infratech Ltd, Lanco Infratech Ltd, Monnet Ispat & Energy Ltd, Jyoti Structures Ltd, Electrosteel Steels Ltd, Amtek Auto Ltd, Era Infra Engineering Ltd, Alok Industries Ltd and ABG Shipyard Ltd to NCLT. These accounts together have total outstanding loan of Rs 1.75 lakh crore.
The Kolkata Bench of the National Company Law Tribunal (NCLT) has already approved Vedanta Resources's resolution plan for acquisition of Electrosteel Steels last month.
Besides, the NCLT last month also asked the lenders of Bhushan Power & Steel to consider the bid submitted by UK-based Liberty House for the debt-ridden company.
Bhushan Power and Steel owes close to Rs 48,000 crore to banks and was referred to the NCLT by Punjab National Bank in June last year.
Last week, Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has acquired 72.65 per cent stake in Bhushan Steel by paying around Rs 36,400 crore, of which Rs 35,200 crore will be paid to financial creditors.
The buy-out is expected to bring relief in the form of capital boost to PNB that was one of the leading lenders to the debt-ridden company, the bank said in a statement.
PNB in a statement said the bank had the second highest exposure to Bhushan Steel and will benefit greatly from this acquisition.
PNB sources say that the ledger outstanding to Bhushan Steel was Rs 3,857.49 crore while Rs 1,542.99 crore were earmarked for provisioning.
With this resolution, PNB's NPA will fall by Rs 3,857.49 crore. While the bank will recover Rs 3,050 crore of the outstanding amount it will also be able to write off Rs 807.49 crore from the provision it had held for this NPA.
The resolution will also have a direct impact on the bank's bottom-line this quarter.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU