Have an exposure of Rs 5,200 crore to NCLT accounts, recovered over Rs 900 crore so far, says IFCI

Industrial Finance Corporation of India (IFCI) has an exposure of Rs 5,200 to the accounts under National Company Law Tribunal (NCLT) for resolutions, said VSV Rao, executive director of the company, adding that the firm has recovered Rs 900 crore so far.

“As far as the total exposure to NCLT is concerned, we have around Rs 5,200 crore as on today and if you talk in terms of the actual recovery including Binani Cements we are close to Rs 900 crore recovery during the current financial year itself ... so I am also quite confident and optimistic that going forward in the coming four-five months, we will definitely make substantial recoveries," said Rao.

The Infrastructure term lender on Monday said it has received Rs 492 crore towards security receipts under the IBC resolution plan for Binani Cement.

Elaborating on the same, Rao said, “Coming to Binani Cement, we had an exposure of Rs 496 crore. We have assigned this Rs 496 crore one year back. We have realised that the security receipts that we have, have given us profit of around Rs 102 crore. What we have is Rs 421 crore and Rs 522 crore is the amount, which we received through the resolution of Binani Cements. So my gross profit on account of this particular company itself is Rs 101 crore. Certain taxes have been deducted, with that net profit for this particular company is around Rs 71 crore. So this is a case where IFCI has been able to recover the full amount."