Banks face 7-year debt recovery backlog; Government plans capacity boost

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Notably, around 28,000 cases, involving more than Rs 10 trillion, have been settled before formal admission under IBC procedures.

Approximately 60,000 new cases are filed each year, but only 30,000 to 40,000 are resolved, the business daily reported.

Between 2017 and 2022, DRTs successfully resolved 145,000 cases, according to the report.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Government plans Insolvency Debt recovery Financial recovery SARFAESI Act IBC Debt Recovery Tribunals Indian banks Financial institutions DRT backlog National Company Law Tribunals Asset reconstruction companies Non-performing assets Economic report

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-30 @ 12:34:08 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 433 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 21850218

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 255 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

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Publisher ID: #49

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