Ripples Advisory New Update, sRBI selects 12 accounts, accounting for 25% NPAs, for Insolvency and Bankruptcy code

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The Reserve Bank of India on Tuesday identified 12 non-performing accounts or assets (NPAs), totaling 25 percent of India's gross NPAs, which can be immediately taken up under the Insolvency and Bankruptcy Code (IBC).

An Internal Advisory Committee (IAC) comprising majorly of central bank's independent board members held its first meeting on June 12 to consider cases under the new IBC that was passed last year to resolve bad loans through the legal route.

The IAC recommended IBC reference for all accounts with fund and non-fund based outstanding amount greater than Rs 5000 crore, with 60 percent or more classified as non-performing by banks as of March 31, 2016, RBI said on its website late on Tuesday.