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IVRCL, Nagarjuna Oil among NPA accounts on NCLT radar

IVRCL, Nagarjuna Oil among NPA accounts on NCLT radar
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Unable to find any resolution on 28 stressed accounts from the second list, the lenders will be initiating insolvency proceedings against 22-23 of these borrowers which include Uttam Galva Steel, IVRCL, Ruchi Soya Industries and Essar Projects, a banker said. 

Mumbai: Unable to find any resolution on 28 stressed accounts from the second list, the lenders will be initiating insolvency proceedings against 22-23 of these borrowers which include Uttam Galva Steel, IVRCL, Ruchi Soya Industries and Essar Projects, a banker said.

The Reserve Bank deadline to resolve these 28 accounts ended on Wednesday. The regulator in August had asked bankers to refer these cases to the National Company Law Tribunal (NCLT) if they failed to find a resolution by December 31. These accounts together have an exposure of Rs 1.4 lakh crore.

"Except for Anrak Aluminium, Jayaswal Neco Industries, Soma Enterprises and Jaiprakash Associates, all other accounts are going to the NCLT (for resolution)," a senior banker said.

Banks have decided to refer Hyderabad-based IVRCL, Nagarjuna Oil Refinery, Asian Color Coated Ispat, Castex Technologies, Coastal Projects, East Coast Energy, Orchid Pharma, SEL Manufacturing, Uttam Galva Metallic, Uttam Galva Steel, Visa Steel, Essar Projects, Jai Balaji Industries, Monnet Power, Ruchi Soya Industries and Wind World India, to NCLT for insolvency proceedings.

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