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IFCI gets favourable verdict in sale of assets of Blue Coast Hotels to ITC

Updated : March 20, 2018 09:46 AM IST

IFCI, the Indian government owned bank has received a favourable verdict in sale of assets of Blue Coast Hotels to ITC. V Satya Venkat Rao, Executive Director of the company told CNBC-TV18 that the judgement will allow the creditors to have a complete say in the matter of conducting sales

"This judgement from Supreme Court (SC) is quite a trend setter", said Rao.

Speaking about non-performing assets (NPAs), he said that recovery of NPAs was underway claiming that efforts were taken in the right direction and have come out with a slew of measures.

"We have made substantial recoveries of Rs 800 crore so far in FY18 and we are targeting recovery of another Rs 200 crore by end of Q4FY18", he added.
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