Indian Bank drags 7 firms to NCLT for insolvency – Money Perception

Indian Bank has filed cases at the National Company Law Tribunal in seven bad loan cases involving an amount of Rs 1,200 crore, under the Insolvency and Bankruptcy Code (IBC).

Indian Bank is the sole lender in all cases. The bank made a provision of Rs 130 crore in the first quarter of the current financial year and it planned to make a provision of Rs 365 crore for the whole year for these accounts, Kishor Kharat, MD and CEO, said to a leading news agency.

Indian Bank offers deposits, loans and services. The bank’s segments include Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations.

The company offers products under various categories, including agriculture, corporates, personal/individual, business, professional self-employed etc.

[source:-IIFL]