The Telegraph
Since 1st March, 1999
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IndusInd spots 70 defaulters

Mumbai, Aug. 24 (PTI): IndusInd Bank Ltd has identified 70 defaulting borrowers and has slapped notices to 45 of them in line with the new Ordinance promulgated by the Centre to curb the incidence of wilful default.

The defaulting accounts identified were above Rs 1 crore each, IndusInd bank sources said here today.

In a release here, the bank said it was co-ordinating with other lenders for initiating effective action under the Ordinance in cases of consortium finance.

The bank has developed a two-pronged strategy in this regard and is providing support to those defaulters who are in genuine difficulties and have demonstrated their willingness to repay their dues to the bank, it said.

According to the release, IndusInd Bank has initiated 119 suits in the debt recovery tribunal (DRT) and registered 51 complaints under section 138 of the Negotiable Instruments Act.

It said that several auctions have taken place at the bank’s instance and DRT has also issued arrest warrants against some guarantors and promoter-directors for not complying with its orders.

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