<p>The Supreme Court today directed the RBI to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over the rise in bad loans.<br /><br /></p>.<p>The apex court also asked the Reserve Bank of India (RBI) to provide within six weeks the list of companies whose loans have been restructured under corporate debt restructuring schemes.<br /><br />A bench headed by Chief Justice T S Thakur asked for the list of loan defaulters to be placed before it in a sealed cover.<br /><br />The bench, also comprising Justices U U Lalit and R Banumathi, wanted to know how the state-owned banks and financial institutions were advancing large-scale loans without proper guidelines and whether there was adequate mechanism to recover them.<br /><br />The court made RBI party to a PIL filed in 2005 by an NGO Centre for Public Interest Litigation (CPIL) in which it has raised the issue of loans advanced to some companies by state- owned Housing and Urban Development Corporation (HUDCO).<br /><br />Advocate Prashant Bhushan, appearing for CPIL, submitted that about Rs 40,000 crore of corporate debt was written off in 2015.<br /><br />His submission evoked response from the bench which said that bad debts were plaguing the public sector banks.<br /><br />The bench expressed surprise that no concrete steps were taken for the recovery of loan from the defaulters.<br /><br />"You have a list of major defaulters who run empires and yet default," the bench asked during the hearing.<br /><br />While passing the order, the court took note of a report in a national daily about bad loans or non-performing assets (NPA) and the inability of the banks to recover them.</p>
<p>The Supreme Court today directed the RBI to provide a list of companies which are defaulters of bank loans of over Rs 500 crore while expressing serious concern over the rise in bad loans.<br /><br /></p>.<p>The apex court also asked the Reserve Bank of India (RBI) to provide within six weeks the list of companies whose loans have been restructured under corporate debt restructuring schemes.<br /><br />A bench headed by Chief Justice T S Thakur asked for the list of loan defaulters to be placed before it in a sealed cover.<br /><br />The bench, also comprising Justices U U Lalit and R Banumathi, wanted to know how the state-owned banks and financial institutions were advancing large-scale loans without proper guidelines and whether there was adequate mechanism to recover them.<br /><br />The court made RBI party to a PIL filed in 2005 by an NGO Centre for Public Interest Litigation (CPIL) in which it has raised the issue of loans advanced to some companies by state- owned Housing and Urban Development Corporation (HUDCO).<br /><br />Advocate Prashant Bhushan, appearing for CPIL, submitted that about Rs 40,000 crore of corporate debt was written off in 2015.<br /><br />His submission evoked response from the bench which said that bad debts were plaguing the public sector banks.<br /><br />The bench expressed surprise that no concrete steps were taken for the recovery of loan from the defaulters.<br /><br />"You have a list of major defaulters who run empires and yet default," the bench asked during the hearing.<br /><br />While passing the order, the court took note of a report in a national daily about bad loans or non-performing assets (NPA) and the inability of the banks to recover them.</p>