YES BANK has recovered an amount of INR 184 Crores, against an original claim filed for INR 325 Crores, pursuant to the sale of Bhushan Steel Limited to Tata Steel Limited under the recently concluded NCLT / Insolvency and Bankruptcy Code (IBC) proceedings.
The details of the recoveries are as follows,
Recoveries from sale of Bhushan Steel to Tata Steel
Earlier Recoveries through sale of pledged shares
Total Recoveries (against claims of 325 Crores)
216 Crores (66%)
Write Back of Provisions consequent to the above recoveries (against total provisions held in this account as on March 31,2018)
With this recovery, the Bank now has an exposure to only ONE account, aggregating to only INR 23.4 Crores (with 50% provision) as
on March 31, 2018, from Borrowers referenced in the List 1 of the RBI IBC NCLT Process.
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.