With two major cases in the final stage of resolution, the Finance Ministry expects bad loan recoveries to touch Rs 1.80 lakh crore in the ongoing financial year.
So far, banks have recovered Rs 1 lakh crore under the Insolvency and Bankruptcy Code. The recovery is expected to touch Rs 1.80 lakh crore by March 2019 with some of the resolutions at the final stage, Financial Services Secretary Rajiv Kumar said.
Lenders are expecting to recover almost Rs 52,000 crore loan in case of Essar Steel Ltd. and Rs 18,000 crore from Bhushan Power & Steel Ltd.
Besides, the National Company Law Tribunal is expected to finalise corporate insolvency resolution process of several stressed assets, including Videocon Group, Monnet Ispat, Amtek Auto and Ruchi …
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