State Bank of India, anticipates 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 today.
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 78,000 crore, Pallav Mohapatra, DMD (stressed assets resolution group) of SBI said.
SBI 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, The bank’s total NPA stood at Rs 2.20 lakh crore.
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The bank also anticipates to gain another Rs 10,000 crore from a one-time settlement, sale to ARCs and some from outside NCLT, he said. The bank 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 the recovery of the full amount”.
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