Private sector lender Yes Bank has recovered 66% of the original claim filed for Rs325 crore after the sale of Bhushan Steel to Tata Steel under the insolvency resolution process.
“Yes Bank has recovered an amount of Rs184 crore against an original claim filed for Rs325 crore pursuant to the sale of Bhushan Steel to Tata Steel Limited under the recently concluded NCLT/Insolvency and Bankruptcy Code (IBC) proceedings,” Yes Bank said in a BSE filing.
Yes Bank said with this recovery, it now has an exposure to only one account, aggregating to only Rs23.4 crore (with 50% provision) as on 31 March 2018, from borrowers referenced in the first list of Reserve Bank of India ( RBI )IBC NCLT process.
Earlier, it had recovered Rs32 crore through sale of pledged shares. Total recoveries (against claims of Rs325 crore) is Rs216 crore (66%), it said. Yes Bank said write back of provisions consequent to the above recoveries were Rs36 crore.
In June last year, RBI’s internal advisory committee (IAC) identified 12 accounts, each having more than Rs5,000 crore of outstanding loans and accounting for 25% of total NPAs of banks. Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction.
Shares of Yes Bank were trading 0.25% lower at Rs333.85 apiece on BSE.
Source: Livemint, May 23,2018