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Yes Bank recovers 66% of original claim filed for Bhushan Steel

business Updated: May 23, 2018 13:44 IST
Press Trust of India
Press Trust of India
Press Trust of India
Bhushan Steel,Yes Bank,Tata Steel

Signage for Yes Bank Ltd. is displayed at a branch in Mumbai, India, on Saturday, April 21, 2018. Yes Bank has received the Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore. Photographer: Dhiraj Singh/Bloomberg(Dhiraj Singh/Bloomberg)

Private sector lender Yes Bank has recovered 66% of the original claim filed for Rs 325 crore after the sale of Bhushan Steel to Tata Steel under the insolvency resolution process.

“Yes Bank has recovered an amount of Rs 184 crore against an original claim filed for Rs 325 crore pursuant to the sale of Bhushan Steel to Tata Steel Limited under the recently concluded NCLT/Insolvency and Bankruptcy Code (IBC) proceedings,” Yes Bank said in a BSE filing.

Yes Bank said with this recovery, it now has an exposure to only one account, aggregating to only Rs 23.4 crore (with 50% provision) as on March 31, 2018, from borrowers referenced in the first list of the RBI IBC NCLT process.

Earlier, it had recovered Rs 32 crore through sale of pledged shares. Total recoveries (against claims of Rs 325 crore) is Rs 216 crore (66%), it said.

Yes Bank said write back of provisions consequent to the above recoveries were Rs 36 crore.

In June last year, RBI’s internal advisory committee (IAC) identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans and accounting for 25% of total NPAs of banks.

Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction.

Shares of Yes Bank were trading 0.09% or 30 paise higher at Rs 335.00 on the NSE.

First Published: May 23, 2018 13:40 IST