AMN
The Finance Ministry has asked banks to be vigilant to ensure that wilful defaulters are prevented from buying same stressed assets again. The move will ensure success of bankruptcy process under the Insolvency and Bankruptcy Code (IBC).
Official sources said, it has been brought to the notice of the Finance Ministry that some of the wilful defaulters are making bid to buy assets of those cases which have been referred under IBC.
As many as 12 accounts each having more than 5,000 crore rupees of outstanding loans and accounting for 25 per cent of total NPAs of banks are being under the Insolvency and Bankruptcy Code process. The total outstanding of these accounts taken together is 1.75 lakh crore rupees.