It is time that India shatters the glass ceilings made of the citizenship impasses. Which may be a need at the long run but, it can always wait.
Anyway, that being pushed to the middle of a boiling cauldron of unrest, the think tanks at the power corridors should look back at the backyard where liabilities keep multiplying through bank loans.
According to an estimation by the All India Bank Employees Association, a whopping sum of Rs. 4,31,362 cr lie unrecovered as, there is an incessant effort by the government to push it under a layer made of resolution which may deal a big blow of 46% loss in recovery of loans.
Even economists and bankers find it perplexing as a remedy that the government tries hard to run for resolutions on the sums under the IBC which may only lead to a drastic loss of about 46 % of the amount and net nothing more than Rs.94,526 cr, if at all.
At whose cost would that be? A painful sacrifice of 46% and favouring a few lead players like Arcel Mittal, Tata, Vedanta, Reliance and JSW.
Had it been the case of individuals or smaller players, the only exit door is the recovery, or jail. But that never happens here and the stem is usually allowed to rot till it is consigned to the compost of bad loans.
Sources point out that the government has listed a few like Bhushan Power & Steel, Amtex Auto, Era Infra, JP Infra, Lanco Infra and ABG Shipyard for resolutions (not recovery) of which in one case resolution has failed, in two cases lead to liquidation & two other are under the CIRB.
These are besides the ones, now fugitives like Nirav, Mallya Chowsky and others chilling abroad.
