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The surge in NPAs has been contributed by large corporates.Written by, george Mathew, new Delhi Updated: April 12, 2016 2:35.The case relates to an RTI application filed by activist Subhash Agrawal who had sought to know the list of people who had defaulted in the loan of Rs 1 crore and above.Banks have filed 14 suits against these group companies.On December 16, 2015, the apex court had clearly rejected these arguments of the RBI, in a matter filed by another RTI applicant, and ordered disclosure of defaulters list, upholding a Central Information Commission (CIC) order.In due course, online access to the database in the computer system at the Reserve Bank of India will also be available to the authorized officials of the eligible institutions.During the hearing, the RBI also said the Supreme Court is hearing a matter in which reports have been sought in a sealed envelop and hence any decision should be avoided.The RBI is clearly not in any fiduciary relationship with any bank, it had said.
For instance, Kingfisher owes Rs 9,000 crore to banks, but only turbo delphi 2006 explorer setup two banks, SBI and PNB, have declared the company as a wilful defaulter.
The RBI had recently brought guarantors also under the wilful defaulter category, but experts said this is like closing the stable doors after the horses have fled.
While bankers say most wilful default cases are allegedly frauds committed by the promoters with money being siphoned off from the companies, cases filed by banks in courts and debt recovery tribunals for many years are yet to be adjudicated.
In business, enterprises do fail as there is risk involved which may not be gauged correctly to begin with.Banks have categorised Rs 496 update driver nvidia geforce 7300 se/7200 gs crore of borrowings of Reid Taylor of the group as wilful default.Of this amount of Rs 10,869 crore, the top 10 wilful defaulters together owe the New Delhi-headquartered bank Rs 3,554 crore.Promoters are also making use of loopholes in laws to escape action.Among banks, PNB and SBI has been aggressive in chasing wilful defaulters.It had said the RTI Act, 2005, is a general provision which cannot override specific provisions relating to confidentiality in earlier legislation in accordance with the principle that where there are general words in a later statute it cannot be held that the earlier statutes.If the guarantor, the RBI said, refuses to comply with the demand made by the banker despite having sufficient means to make payment of the dues, such guarantor will also be treated as a wilful defaulter.