IDBI Bank is said to be planning to approach National Company Law Tribunal (NCLT) to recover bad loans worth Rs 100 crore from a company. Under Insolvency and Bankruptcy Code, a bank can file a case in NCLT to recover debt.
An official in the know said, The IDBI Bank is planning to file for insolvency proceedings against a company to recover Rs 100 crore. When contacted, IDBI declined to comment, citing silence period before announcement of results.
Till March-end, of 30 cases admitted in NCLT, seven were by banks. However, none was from a public sector bank (PSB).
PSB IDBI Banks total NPLs are worth Rs 20,949 crore. Under the RBIs Prompt Corrective Action regime to fix NPLs, IDBI Bank woul…
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