Mumbai: The Reserve Bank of India (RBI) has sent a second list of at least 26 defaulters TO commercial banks with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings, three bankers aware of the development said, reports Live mint.
RBI says the accounts in the second defaulter list should be first resolved through any of its schemes before 13 December, failing which they should be referred to NCLT under Insolvency and Bankruptcy Code before 31 December.
In a letter, the central bank said these accounts should first be resolved through any of RBI’s schemes before 13 December, failing which cases should be filed against these companies under the Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) before 31 December.
These are accounts where 60% of the outstanding amount was classified as non-performing on the books of banks as of 30 June, RBI added in its letter, the bankers cited above said on condition of anonymity.
The defaulters’ list comprises companies primarily in the power, telecommunication, steel and infrastructure sectors, according to the bankers, who spoke on condition of anonymity. Mint hasn’t seen a copy of the letter.