Bankrupts in india

 RTI used to be filed by using Saket Gokhale, an activist, on March 19, and he acquired the listing on April 24. It lists defaulters until September 30 final year, which capability both the RBI did now not replace the list, or similarly willful defaults above ~5 crore did no longer appear in this duration to update.

RBI keeps data of loans above Rs 5 crore given through banks, each fund and non-fund based, in its Central Repository of Information on Large Credits (CRILC) database. If any entity defaults, the RBI captures it.

The definition of a willful default is prolonged and conditional, however it sincerely factors to a default through all people who has the capability to pay however 

Gitanjali Gems tops the listing with Rs 5,492 crore written off. The a whole lot publicised Kingfisher Airlines is in the top-10 listing with a write-off of Rs 1,943 crore. Gitanjali is accompanied by using REI Agro, with an publicity of Rs 4,314 crore, and Winsome Diamonds and Jewellery at Rs 4,076 crore.

Gitanjali Gems, owned through Mehul Choksi, was once a darling of the inventory markets. Soon after the Nirav Modi rip-off got here out in the open, the Central Bureau of Investigation (CBI) observed that Choksi and Modi used the identical methods to defraud banks. Choksi, Modi’s maternal uncle, used to open letters of deposit in the title of overseas suppliers.

The duo had been helped via a few Punjab National Bank employees. Both Modi and Choksi confirmed pretend transactions amongst quite a number offshore entities and took Indian banks for a ride. The CBI and Enforcement Directorate filed a chargesheet in opposition to Choksi and different pinnacle officers of Gitanjali Gems.

Over Rs 68,600-crore loans of wilful defaulters written off, says RBI

However, Choksi fled to Antigua and Barbuda, the place he is presently dealing with extradition proceedings. Modi was once arrested in London and has been in reformatory seeing that March 2019. Both Modi and Choksi at the same time made a $2 billion gap in Indian banks’ books. Choksi’s different firms, Gili India and Nakshatra Brands, additionally have had loans of Rs 1,447 and Rs 1,109 crore, respectively, written off.

PNB used to be additionally taken for a journey with the aid of Chandigarh-based Kudos Chemie in 2014. Banks lent the association Rs 2,326 crore. The financial institution stated in 2016, the Directorate of Revenue Intelligence had initiated motion towards the organisation for violation of the Customs Act and the account grew to become a non-performing asset in March remaining year.

In between, the financial institution tried to promote the mortgage to an Asset Reconstruction Company (ARC) however failed to locate a buyer. According to an ICRA ranking file in July 2014, the organization was once positioned in the default class after it failed to repay banks.

ICRA stated Kudos Chemie incurred stock loss in fiscal 2014 on section write-down of stock of a new product as it would now not meet the preferred great specs and required in addition processing. For this, the enterprise deliberate to set up extra facilities.

Ruchi Soya is some other title on the RBI’s list. The organisation was once lately taken over by means of Patanjali Ayurved, after banks initiated Insolvency and Bankruptcy Code complaints in opposition to it. The RBI says banks have written off Rs 2,212 crore in the Ruchi Soya account. Interestingly, Indian banks didn’t simply fund Patanjali’s acquisition, they even funded its fairness contribution to a massive extend.

Patanjali Ayurved pledged its whole shareholding in Ruchi Soya Industries to SBICAP Trustee for the Rs 4,000 crore loan, in accordance to a submitting on the exchanges.