Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo today said the 12 cases involving large non-performing assets (NPAs) or bad loans, identified for resolution under the Insolvency and Bankruptcy Code, are yet to come before the board.
The Reserve Bank’s internal advisory committee had last week sent the list of 12 accounts to bankers for immediate reference under the Code.
The 12 large NPA cases are yet to come to IBBI for resolution and the banks have to first file the cases with the NCLT, Sahoo told reporters here.
Sahoo chairs the Insolvency and Bankruptcy Board of India (IBBI), which is implementing the Code.
Under the Code, banks have to approach the National Company Law Tribunal (NCLT) for resolution.
Once the cases are accepted, the resolution would take place in 180 days and the time limit could be extended provided there is a valid reason.