RBI (Reserve Bank of India) released the willful defaulters list who took loan outstanding amount of above 500 crore rupees. Once if anybody comes under willful defaulters list, they can’t get funds from any other bank. The corporate defaulters who have the ability to clear off the loan but won’t pay deliberately are wilful defaulters.
Interesting thing is Vijay Mallya is on number 9!!
The list was released by news portal News laundry. Here it goes.
1. Usha Ispat: Usha Ispat is a metals and mining industry has an outstanding amount of Rs 16,911 crore. However, Rs 5,093 crore has been declared as willful defaults. Its key creditor is LIC with Rs. 8,619 crore.
2. Lloyds Steel: The second on the list is Lloyds Steel with an outstanding amount of Rs 9,478 crore. It is renamed as Uttam Value Steel and its total wilful defaults are of Rs 6,309 crore. Its key creditor is Bank of India with Rs 6,724 crore. This company is now acquired by Uttam Galva Group.
3. Hindustan Cables Ltd: It is government owned company. The telecom cables company has an outstanding amount of Rs 4,917 crore and its key creditor is Bank of India. This company is now winding up. As per the report given by News laundry, not even a single rupee is mentioned as wilful default.
4. Hindustan Photofilms MFG co: The Photo Films Company is a public sector manufacturer stood as fourth defaulter with Rs 3,929 crore as an outstanding amount. Its key creditor is LIC with Rs.1, 781 crore. This company is not functional anymore. Interestingly, the wilful default amount has been declared as Rs 0, as per Newslaundry.
5. Zoom Developers: The Real Estate Company has an outstanding amount of Rs 3,843 crore with Rs 137 crore wilful defaults. Oriental Bank of Commerce is its key creditor.
6. Prakash Industries: Prakash Industries is a mining, steel and power company with an outstanding amount of Rs 3,665 crore. Its key creditor is also LIC. The wilful defaults amount is of Rs 2,233 crore.. This company is operational.
7. Cranes Software International: The IT company has Rs 3,580 crore outstanding amount with Rs 2505 crore wilful defaults. Its key creditor is Bank of India with Rs.3,443 crore. This company is operational.
8. Prag Bosimi Synthetics: Prag Bosimi Synthetics is a textile industry with an outstanding amount of Rs 3,558 crore credited by IDBI Bank. This is the only industrial venture of public-private partnership in the Northeast. The wilful default is mentioned as Rs.0 by Newslaundry. This company is operational.
9. Kingfisher Airlines: Surprisingly, 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 willful 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. Its key creditor is Punjab national Bank. This company is closed.
10. Malvika Steel: The steel industry has an outstanding amount of Rs 3057 crore which is owned by Usha Group and its key creditor is GIC. The wilful default amount is shown to be Rs.0 as per Newslaundry. This company is closed.
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