With the reconstitution of the Supervisory Committee for Debt Consolidation of the Reserve Bank of India, the nonprofit assets (NPAs) of default from the extended list of industry players ensured rapid settlement. According to the recommendation of the central bank panel, this list contains 488 companies.
Earlier this year, the Internal Advisory Committee of the Reserve Bank of India (IAC) prepared a list of 500 companies, out of which 12 cases were sent directly to the National Companies Act Tribunal (NCLT). In the remaining 488 cases, banks have to finalize a plan plan within a six month period.
"Regarding other (488) accounts unverified, IAs recommends that banks should finalize a resolution within six months, in which case an effective solution plan is not agreed within six meters.
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