INSUBCONTINENT EXCLUSIVE:
The consortium of banks led by SBI would get around Rs 7,500 crore.Mumbai: Midsize private sector lender Yes Bank today said it has
recovered Rs 184 crore through the sale of the bankrupt Bhushan Steel to Tata Steel and it will result in a provision write-back of Rs 36
The city-headquartered bank said it had a claim of Rs 325 crore on the Bhushan Steel account, which was the maiden account to be resolved
through the Insolvency and Bankruptcy Code process last week.It had already recovered Rs 32 crore through sale of pledged shares, and said
recoveries through the sale of the asset to Tata Steel will fetch it Rs 184 crore.This will result in a provision write-back of Rs 36 crore,
representing the excess money set aside earlier.The bank said with this recovery, its exposure to the first list of dozen bad assets
mandated to be resolved under the IBC provisions has come to one account with an exposure of Rs 23.4 crore, for which it has a 50 per cent
provision.Finance ministry sources had yesterday said the country's largest lender SBI will be biggest beneficiary of the distress sale to
Tatas, pegging the boost to profits at Rs 1,300 crore.The consortium of banks led by SBI would get around Rs 7,500 crore as part of the
resolution plan, besides getting equity in the steel company.Together, these lenders will shed NPA burden to the tune of Rs 35,000 crore out
of Rs 1.75 lakh crore of the 12 large NPA cases.Last week, Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, successfully
completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) for a consideration of Rs 3,600 crore.The
settlement of amounts equivalent to Rs 35,200 crore towards financial creditors of BSL was initiated as per terms of the resolution plan and
corresponding transaction documents.Tata Steel said Rs 1,200 crore will be paid to operational creditors of BSL over a period of 12 months,
as per their admitted claims and as per the terms of the approved resolution plan.The Yes Bank scrip was trading 0.03 per cent down at Rs
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