Post Date : 15/06/2017
RBI’s Internal Advisory Committee (IAC) has identified 12 bank accounts constituting nearly 25% of the gross bad loans for immediate referral and resolution under the bankruptcy law. Each of the 12 identified accounts was having more than 5,000 crore rupees of outstanding loans, of which at least 60% was classified as non-performing by banks as of March 31, 2016. The RBI, however, has not disclosed the names of the accounts. Salient Highlights RBI’s internal advisory committee (IAC) mainly comprises of its independent board members. Based upon the recommendations of the IAC, the RBI will issue directions to the banks to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC). These cases will be accorded priority by the National Company Law Tribunal (NCLT). The NCLT is the arbitration authority for cases filed under IBC. For those loan accounts which do not meet the criterion recommended by the IAC, the concerned banks should finalise a resolution plan within six months. The details of the resolution framework for these other non-performing accounts will be released soon by the central bank.
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