TaxTMI 
TaxTMI 
Willful Defaulters
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....illful Defaulters <br>News and Press Release<br>Dated:- 7-12-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 07-December-2012 18:23 IST Reserve Bank of India (RBI) collects on quarterly basis, the information on Willful Defaulters (non-suit filed accounts) of Rs. 25 lakh and above from Banks. Besides RBI, the Credit Information Companies, including Credit Informat....
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....ion Bureau of India Ltd. (CIBIL) are maintaining a database on suit filed accounts, including willful defaulters with Rs. 25 lakhs and above. The details of such accounts as on 31st March 2012 in Public Sector Banks are as under: (Amount in Rs. Crore) Suit Filed Accounts Non-Suit Filed Accounts Nos. Amt. Nos. Amt. Nationalised Banks 2451 9510.89 157 683.12 State Bank Group 1085 7014....
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.....40 981 3491.58 Total Public Sector Banks 3536 16525.30 1138 4174.70 A "willful default" would deem to have occurred if the unit has defaulted in meeting its payment/repayment obligations to the lender when the unit has: * · the capacity to honour the said obligations; * has diverted the funds for other purpose; * not utilized/siphoned off the finance from the lender for the s....
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....pecific purposes for which finance was availed of, nor the funds are available with the unit in the form of other assets, * · Disposed off or removed the movable fixed assets or immovable property given by him or it for the purpose of securing a term loan without the knowledge of the lender. A copy of list of willful defaulters, (non-suit filed accounts) and list of willful defaulters (s....
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....uit filed accounts) are forwarded to Securities & Exchange Board of India (SEBI) by RBI and CIBIL respectively, in order to prevent them to access the capital markets. No additional facilities are to be granted by any bank/FI to the listed willful defaulters. The legal process, wherever warranted, against the borrowers/guarantors and foreclosure of recovery of dues should be initiated expeditious....
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....ly by the banks. The lenders may also initiate criminal proceedings against willful defaulters, wherever necessary. Other legal options available to banks for resolution of NPAs/recovery of loans, are action under Securitization and Reconstructions of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act, 2002), recourse to Debt Recovery Tribunals (DRTs) and Lok Adalats. T....
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....his information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today. * * * DSM/RS/bs<BR> News - Press release - PIB....