As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts – Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed.
While Bhushan Power & Steel dues are to the tune of Rs 2,099 crore, Alok Industries dues are Rs 903 crore.
Both these companies are among the 12 largest stressed accounts which the Reserve Bank had asked banks to refer to National Company Law Tribunals for resolution in June 2017 and forms the first list put out by the monetary authority in the mid-2016.
The third largest lender had put Bhushan Power & Steel on sale in December 2018 but could not find a buyer. Read More