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๐๐ข๐ฌ๐๐จ๐ง๐๐๐ฉ๐ญ๐ข๐จ๐ง: ๐๐ฎ๐ซ๐ซ๐๐ง๐ญ ๐๐ซ๐๐ฎ๐ ๐จ๐ $ABG Shipyard Ltd 's ๐ญ๐ก๐ ๐ฅ๐๐ซ๐ ๐๐ฌ๐ญ ๐๐ฏ๐๐ซ ๐๐ซ๐๐ฎ๐ ๐๐๐ฌ๐!
ABG Shipyard loan which was given by many bankers including ICICI as the leading banker was declared NPA in 2013.
The account was restructured under the CDR mechanism in Marchโ2014 but it failed as the shipping industry was going through a downturn and it was classified as NPA in 2016 from effect from 2013.
In 2018, Forensic auditors were appointed by lenders and the first complaint was filed with CBI in 2019. The account is currently under the NCLT process.
So Bottomline is:
1. It is not declared as the NPA currently, it was long back and its provisioning would also have been done back then itself
2. It was the fastest case where any fraud was detected as per Nirmala Sitharam
3. As it is in the NCLT process, if any, money would be recovered now!
ABG Shipyard loan which was given by many bankers including ICICI as the leading banker was declared NPA in 2013.
The account was restructured under the CDR mechanism in Marchโ2014 but it failed as the shipping industry was going through a downturn and it was classified as NPA in 2016 from effect from 2013.
In 2018, Forensic auditors were appointed by lenders and the first complaint was filed with CBI in 2019. The account is currently under the NCLT process.
So Bottomline is:
1. It is not declared as the NPA currently, it was long back and its provisioning would also have been done back then itself
2. It was the fastest case where any fraud was detected as per Nirmala Sitharam
3. As it is in the NCLT process, if any, money would be recovered now!