Check out! These are the top 10 defaulters in India; Kingfisher Airlines at No. 9?
Usha Ispat, owned by Usha Limited came out on top with an outstanding amount of Rs 16,911 crore while the Vijay Mallya owned Kingfisher Airlines surprisingly came in the ninth position.
Zee Media Bureau
New Delhi: Even as RBI Governor Raghuram Rajan was against the central bank naming all defaulters stating that it would lead to undue panic and kill business activity, a news portal Newslaundry has spill the beans on the list.
With the case of Vijay Mallya on in the court in regards to the Rs 9000 crore IDBI Bank loan default case, Rajan had held that if the names of the defaulters were made public “..it may create both a loss of business as well as an undue anxiety and panic, and therefore, chill business activity.”
But, not withholding the fight of the RBI Governor, the news portal Newslaundry has released the top 10 defaulters of India.
USHA ISPAT: The metal and mining major owned by Usha Limited has an outstanding amount of Rs 16,911 crore. However, only Rs 5,093 crore has been declared as wilful defauts. LIC was the highest creditor with Rs 8,619 core.
LLOYD STEELS: Renamed as Uttam Value Steel, it comes second with an outstanding amount of Rs 9,478 crore. However, only Rs 6309 crore has been declared as wilful default, as per report by Newslaundry. Bank of India is the highest creditor of the company with Rs 6,724 crore.
HINDUSTAN CABLES: A government-owned company that makes telecom cables in India, the outstanding amount stood at Rs 4,917 crore. However, not a single rupee was declared as wilful default, as per Newslaundry.
HINDUSTAN PHOTOFILMS MFG co: A public sector manufacturer of photographic films, the amount stood at Rs 3,929 with LIC as the highest creditor with Rs 1,781 crore. Interestingly, the default amount show Rs 0 (Zero), as per Newslaundry.
ZOOM DEVELOPERS: In the fifth place was the real estate company with an outstanding amount of Rs 3843 crore out of which only 137 crore were labelled as wilful default.
PRAKASH INDUSTRIES: The mining and steel company is sixth on the list with outstanding amount of Rs 3,665 crore with LIC again as the highest creditor with Rs 2,171 crore. However, of the total amount, Rs 2,233 crore has been stated as wilful default.
CRANES SOFTWARE INTERNATIONAL: This IT company has outstanding amount worth Rs 3580 crore of which Rs 2,505 has been listed as wilful default. Bank of India is the highest creditor with Rs 3,443 crore.
PRAG BOSIMI SYNTHETICS: As per the Newslaundry report, this is the only industrial venture of public-private partnership in the Northeast which started operations in 2012 after being close for a decade. As per the report, it has an outstanding amount of Rs 3,558 crore. However, the default amount was put at Rs 0 (Zero).
KINGFISHER AIRLINES: Allegedly the biggest of all but Kingfisher Airlines came in at the ninth place with an outstanding amount of just Rs 3259 crore. But what is more interesting is that, the wilfut default amount is show as Rs 0 (Zero), as per Newslaundry. Owned by Vijay Mallya, the company owes Rs 9000 crore to the consortium of 17 banks which makes the total default amount to Rs 12000 crore.
MALVIKA STEEL: Tenth on the list is Malviak Steel, owned by Usha Group, also the ownder of Usha Ispat. It has an outstanding amount of Rs 3057 crore while the wilful default amount is shown as Rs 0 (Zero).