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Indian steel sector is the biggest defaulter - Economic Survey- The 19th China£¨Guangzhou£©Int¡¯l Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
1/31/2018 Sheetmetal machinery, Forging, Stamping expo |
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The Hindu Business Line reported that of the 525 cases with total underlying default of INR 128,810 crore so far admitted under the Insolvency and Bankruptcy Code (IBC), the steel sector is the single-biggest defaulter in terms of both number of defaulting corporates (45) and total underlying default (INR 57,001 crore). Within the steel sector, corporate insolvency resolution process (CIRP) is on in the case of 39 corporates, resolution plan has been approved in the case of two, and liquidation order has been passed in the case of three. One case has been closed by appeal/review.
The steel sector is followed by the retail industry, with total underlying default aggregating INR 12,719 crore involving 12 corporates.
As per the Economic Survey¡¯s sector-wise analysis (based on data from the Insolvency and Bankruptcy Board of India) of admitted cases under IBC, the other sectors accounting for large underlying default include: capital goods ¡ª non-electrical equipment (17 corporates with total underlying default aggregating INR 4,785 crore); textiles (33 corporates, INR 4,679 crore); trading (39 corporates, INR 4,560 crore), chemicals (19 corporates, INR 4,433 crore), shipbuilding (two corporates, INR 4,292 crore), and construction (40 corporates, INR 4,004 crore).
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The 19th China£¨Guangzhou£©Int¡¯l
Sheet metal machinery,Forging, Stamping and Setting Equipment Exhibition
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