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The clean-up drive of SBI: Releases list of its top 5 defaulters.

India’s largest public sector bank SBI bank has got its non-performing assets worth Rs 7,016 crore with almost 100 defaulters….

By Administrator in News on November 16, 2016

India’s largest public sector bank SBI bank has got its non-performing assets worth Rs 7,016 crore with almost 100 defaulters. SBI is on the virtual of hitting the dead end and cleaning-up drive of their balance sheet and writing off money worth Rs 7,016 crore that are owed by 60+ defaulter out of 100 defaulters. According to the report accessed by DNA it shows that 63 have been fully written off, 30 are partially written off and 6 are shown as the non performing assets (NPA). Kingfisher Airlines that was owed by Vijay Mallya is known as the head of the wilful defaulters as it owes Rs 1,201 crore. And the loan given to Vijay Mallya and other defaulters will not be seen in the bank’s balance sheet.

SBI has arranged its balance sheet by moving its 7,016 crore to AUCA (Advance Under Collection Account). The top wilful defaulters are  Vijay Mallya (Rs 1,201crore), Surya Pharmaceuticals (Rs 526 crore), KS oil (Rs 596 crore), GET Power (Rs 400 crore), SAI Info System (Rs 376 crore). One of the reports states that SBI bank will have the advantage after they transfer the money  to AUCA, the  NPA gross amount and net addition in the quarter will be reduced and the amount that are transfer amount, the gross advance will go down to the same amount.

Top 5 Wilful Defaulters

Kingfisher Airliners has taken loans from 17 banks worth Rs 6,963 crore. Highest loan taken worth Rs 1,201 from the SBI bank. Selling of Mallya’s villa in Goa failed to get any buyer and the trustee of SBICAP says that he did not get a single bidder.

KS Oil is known as the leading oil in the segment of mustard oil. KS Oil comes under the brand name of Kalash and Double Sher , later got added to list of defaulters. The company invested alot of their money in the plantation in Indonesia and Malaysia but they didnt get any expected returns. this company was unable to revive the loan. KS Oil was known as NPA in 2013. as the Kinger was unable for auction , same went with KS Oil due to lack of Bidders.

Another wilful defaulter added to the list is Surya Pharmaceuticals.They were indulged in fraud and other diversion of funds and education sector. They has have taken over the possession of eight properties and now they are struggling over the other in Jammu and Kashmir.

GET power was promoted by Ajay Kumar Vishnoi, the delay in projects and the mismanagements has led the company into the defaulters list in 2016.

Sai Info had Rs 375 crore due because of which they were in the top five in the defaulters list in 2016 and the main promoter Sunil KAddad was brought to India in June 2013 and arrested. he is out on bail right now and has cancelled two mail projects worth Rs 2,200 crore and the account of SBI is known as a fraud account.

 

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