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The Large non-performing assets NPAs of 22 companies, including Videocon Oil Ventures, Amtek Auto, Reliance Naval, and Lavasa Corporation, are set to be sold to National Asset Reconstruction Company NARCL in the first tranche, banking sources said. And These Companies were earlier referred to the National Company Law Tribunal (NCLT) for debt resolution under the Insolvency and Bankruptcy Code, 2016. As there has been significant delay in resolving these accounts due to prolonged litigation, the lenders are planning to sell them to NARCL set up recently by banks to aggregate and consolidate stressed assets for their subsequent resolution. Banks will transfer up to Rs 90,000 crore of debt in the first tranche to NARCL.
The State Bank of India is planning to sell Videocon Oil Ventures’ bad loans of Rs 22,532 crore, while Union Bank of India intends to do the same with the Rs 9,000-crore exposure to Amtek Auto. Reliance Naval and Engineering’s loans of Rs 8,934 crore are being sold by IDBI Bank. Union Bank of India, on the other hand, is transferring the debt of Rs 1,400 crore of Lavasa Corporation, a hill city near Pune, to NARCL.
The Large non-performing assets NPAs of 22 companies, including Videocon Oil Ventures, Amtek Auto, Reliance Naval, and Lavasa Corporation, are set to be sold to National Asset Reconstruction Company NARCL in the first tranche, banking sources said. And These Companies were earlier referred to the National Company Law Tribunal (NCLT) for debt resolution under the Insolvency and Bankruptcy Code, 2016. As there has been significant delay in resolving these accounts due to prolonged litigation, the lenders are planning to sell them to NARCL set up recently by banks to aggregate and consolidate stressed assets for their subsequent resolution. Banks will transfer up to Rs 90,000 crore of debt in the first tranche to NARCL.
The State Bank of India is planning to sell Videocon Oil Ventures’ bad loans of Rs 22,532 crore, while Union Bank of India intends to do the same with the Rs 9,000-crore exposure to Amtek Auto. Reliance Naval and Engineering’s loans of Rs 8,934 crore are being sold by IDBI Bank. Union Bank of India, on the other hand, is transferring the debt of Rs 1,400 crore of Lavasa Corporation, a hill city near Pune, to NARCL.