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       SBI expects Rs 30,000cr recovery from resolution under IBC
 
         Posted on :22:04:47 Jun 9, 2018
   
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       Last edited on:22:04:47 Jun 9, 2018
         Tags: SBI, IBC
 
Kolkata: State Bank of India, the country's largest lender 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 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.
 
The bank had been able to recover Rs 8,500 crore from the Bhushan Steel-Tata Steel deal taking a haircut of 30 per cent.
 
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.
 
The bank's total NPA stood at Rs 2.20 lakh crore.
 
Besides recoveries from resolution under IBC, the bank expects to get back another Rs 10,000 crore from 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 recovery of the full amount".
 
He said there will be no dent on profitability of the bank as adequate provisioning had been made for haircuts which is unavoidable.
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       BUSINESS
Next Article: Google will not develop AI for use in weapons: Pichai
 
 
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