Canara Bank recovered Rs 1,476 crore through cases referred to NCLT during FY2023-24. The bank in its annual report released on 31 May 2024, said that as on 31 March 2024, 374 cases have been referred to NCLT under IBC for resolution, where Canara bank has an exposure (book liability) of around Rs 37,683 crores. Out of these cases, the bank has initiated the resolution process by filing NCLT application in 87 cases involving book liability of Rs 6,833 crore. Out of total 374 NCLT referred cases, in 326 cases admitted by NCLT, the bank’s aggregate admitted claim amount is Rs 50,853 crore.
The bank is expecting substantial recovery during FY2024-25 through…
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Source: https://insolvencytracker.in/2024/05/31/canara-bank-recovers-rs-1476-crore-through-ibc-in-fy2023-24/