INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) expects to
recover around Rs 30,000 crore from the resolution process under the Insolvency and Bankruptcy Code (IBC) during the current fiscal, an
official said on Saturday
From the two stressed assets' list referred for resolution under IBC by the Reserve Bank of India, the bank's total exposure was around Rs
The bank had been able to recover Rs 8,500 crore from the Bhushan Steel-Tata Steel deal taking a haircut of 30 percent
From the Electrosteel-Vedanta deal, the bank expects to recover Rs 6,000 crore, he told reporters on the sidelines of a Confederation of
Indian Industry (CII) event here today.2
State Bank of India's total NPA (non performing assets) stood at Rs 2.20 lakh crore
Besides recoveries from resolution under IBC, the bank expects to recover another Rs 10,000 crore from one-time settlement, sale to asset
reconstruction companies (ARCs) and some from outside NCLT, he said.3
SBI had filed 250 cases under IBC with a total exposure of Rs 95,000 crore
Mohapatra said "whatever stress is there has been recognised
We don't expect recovery of the full amount".4
Out of Rs 11,500 crore, SBI has managed to recover Rs 8,500 crore with nearly 30 per cent haircut
"In case of Bhushan Steel, we have got Rs 8,500 crore with a 30 per cent haircut and our claim was around Rs 11, 500 crore
For the other case, the money has been deposited to escrow account
Once the court gives the clearance, it will be adjusted," Mohapatra said.5
The bank official says that there will be no dent on profitability of the bank as adequate provisioning had been made for haircuts, which is
He further said the proceeds from the Bhushan Steel case, would go in the write-off of provisions and reduction of non-performing assets
