Millennium Post

'12 big defaulters identified by RBI to be named soon'

The Finance Ministry on Wednesday said names of the 12 big defaulters identified by the RBI for initiation of bankruptcy proceedings will soon be made public.

The RBI on Tuesday said it has identified 12 large loan defaulters who account for 25 per cent of the total NPAs in the banking sector and those will be referred to respective banks for filing insolvency proceedings. These cases will be accorded priority by the National Company Law Tribunal (NCLT).

The Finance Ministry further said that NCLT was being strengthened to fast-track bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC).

"You have got 12 cases that have been identified, the names will be shortly announced, and they account for as much as 25 per cent of the bad assets," Finance Ministry's Principal Economic Advisor Sanjeev Sanyal said.
Each of the defaulters identified by RBI owes over Rs 5,000 crore to banks.
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