The Insolvency and Bankruptcy Board of India (IBBI) in its latest data has indicated that the 12 large non-performing assets (NPAs) or bad loans accounts initiated by banks as directed by the Reserve Bank of India (RBI) for resolution through insolvency process had total outstandings claim of Rs 3.45 lakh crore as against their liquidation value of Rs 73,220.23 crore.
As per the IBBI data, creditors have taken haircut of as high as 90 percent in case of the resolved accounts so far. It noted that this shows the huge gap between the value of the assets and the outstandings the firms had accumulated. It also said that of these, resolution plans in respect of six corporate debtors have been approved. It added that out of these six, Bhushan Steel has the highest realisation claims so far, and Alok Industries has the lowest at 11 percent.
The insolvency regulator further stated that due to the failure to implement the approved resolution plan in Amtek Auto, the process has restarted. It also said that other accounts are at different stages of the process. It also states out of those six resolved cases, the outstanding dues admitted in the case of Electrosteel stood at Rs 13,175 crore and the amount realised was a mere Rs 5,320 crore, or 40.38 per cent realisation of the claims.
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