AMN /NEW DELHI
Finance Minister Piyush Goyal today said the purchase of debt-ridden Bhushan Steel by a Tata Group company under the Insolvency and Bankruptcy Code( IBC) proceedings as a “historic breakthrough” in resolving legacy issues of banks.
Goyal, who is holding the charge of Finance Ministry, in a tweet said, lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12% stake in the company.He said this is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government.
Goyal further said the NPA resolution process is being done through a fair and transparent IBC. He said with recovery of NPAs, banks will now be in a position to offer more and affordable credit to major sectors of the economy especially the MSME sector.