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SBI decides to refer 4 power accounts to NCLT for insolvency proceedings

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As the 180-day deadline given by the Reserve Bank of India (RBI) ended on August 27, State Bank of India (SBI), the country's largest lender, will be initiating insolvency proceedings against four stressed power accounts from 11 to National Company Law Tribunal (NCLT).

As the 180-day deadline given by the Reserve Bank of India (RBI) ended on August 27, State Bank of India (SBI), the country's largest lender, will be initiating insolvency proceedings against four stressed power accounts.
In an interview to CNBC-TV18, PK Gupta, managing director (Retail & Digital Banking), said the bank is working on resolution proceedings against seven power assets out of 11 and have time till September 11, “In some of these cases, the approvals are already in place and there is 15 days’ time to implement the resolution.”
As far as impact on SBI's balance sheet is concerned, Gupta said the bank hold enough provisions against the February 12 circular impacted accounts even if they go to NCLT and the overall provision coverage ratio of the bank is at about 63 percent.