Although the Reserve Bank has not made public the list of 12 companies that have accumulated huge loans of Rs two lakh crores from public sector and private banks, Indianmanadarins has learnt that some big names from the steel and infrastructure sectors dominate the list. These companies have been identified by a RBI panel for resolution under the Insolvency and Bankruptcy Code, 2016 (IBC).
Lead banks to these companies scheduled to hold meetings of the Joint Lenders Forum (JLF) over the next fortnight to work out the modalities of referring them to the National Company Law Tribunal. The Tribunal, in turn, may appoint insolvency resolution professionals to draw up a resolution plan for the companies as well as manage their operations.
At the JLF, banks may decide the fate of companies like Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, Monnet Ispat, and ABG Shipyard. According to sources, the other names on the list are Jaypee Infra, Lanco Infratech, Jyoti Structures, and Amtek Auto.