LENDERS FORUM MEETING
A joint meeting of the lenders’ forum is scheduled next week which is expected crucial since it would decide on the resolutions to be passed on bad loans.
Rs. 1.5 lac crore bad loans
Following are the companies involved in the bad loans amounting to over Rs. 1.5 lac crore.
- Essar Steel
- Bhushan Steel
- Alok Industires
- Monnet Ispat
- Jyoti Structures
- Electro Steels
SBI being the lead bank, would take the initiative in declaring the insolvency and steps for taking up bankruptcy proceedings, against the top 12 identified defaulters. The only inhibition is that the minor creditors of these companies would take the companies to the border level of liquidation before a real exercise is initiated for resolving the loans issue with a meaningful financial package, in the form of say equity investments from existing shareholders and other measures.
A consensus and collective opinion amongst the lenders is expected in resolving the problem, before the same is taken up with NCLT (National Company Law Tribunal).