Congrats to PM @narendramodi ji & @arunjaitley ji for a historic breakthrough in resolving legacy issues of Banks. Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 cr transparent bid by Tata Steel and also got 12% stake in the company.
Liquidation value of Bhushan Steel was Rs 14,541 cr but creditors received almost 4 times the amount. This was possible due to the robust and transparent Insolvency & Bankruptcy Code brought by this Government #NPAturnaround
For the first time such a large loan resolution has been achieved through upfront payment received by Banks through sale of a company. This is a record step towards resolving the legacy of unprecedented amount of bad bank loans inherited by this Government. #NPAturnaround
The NPA resolution process is being done through a fair and transparent Insolvency & Bankruptcy Code helping boost both the banking sector & the economy. This has been recognised by International Credit Rating Agencies as well #NPAturnaround
Government under leadership of PM @narendramodi ji has been systematically cleaning the financial & economic mess left behind by the Congress. Cleaning up banks & resolving NPAs is part of Congress Mukt Bharat #NPAturnaround
With recovery of NPAs, banks will now be in a position to offer more and affordable credit to major sectors of the economy especially the MSME sector. This will boost employment & the economy even more #NPAturnaround
