Claims worth Rs 3.13 trillion, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking an extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 50 billion of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Of these, Era Inf…
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