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Banks to sell `33K cr loans on NCLT delays

DNMUM423951 | 10/12/2018 | Author : Manju AB | WC :497

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Mumbai: Delays in resolutions at National Company Law Tribunals (NCLT) have forced 13 banks to auction off stressed corporate loans of Rs 33,949 crore to asset reconstruction companies or distressed funds with foreign funding. The non-performing assets (NPAs) have a carrying cost in the form of provisions (capital buffers) and tax implications, which the banks want to avoid.
This is the highest quantum of loans lenders have put out in the second quarter of the financial year. The momentum for the auctions, bankers said, is also because the government is pushing the banks, particularly the public sector ones, to clean up their balance-sheets. Large stressed corporate loans to telecom, steel and infrastructure companies are put on sale
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