Financial Daily from THE HINDU group of publications
Sunday, Nov 23, 2003
Financial Daily from THE HINDU group of publications Sunday, Nov 23, 2003 |
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Money & Banking
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Non-Performing Assets Indian Bank to recover Rs 25 cr through Lok Adalat Our Bureau
Chennai , Nov. 22 A LOK Adalat organised by the Debts Recovery Tribunal-I here on Saturday cleared the way for Indian Bank recovering about Rs 25 crore. Sixty one cases involving a total claim amount of Rs 76 crore were taken up, apart from 19 `pre-litigation' cases. The Lok Adalat was able to settle 19 of the 61 cases, enabling the bank to recover Rs 11.87 crore. From the other 19 `pre-litigation' cases, the forum could effect settlements involving Rs 12.88 crore. The bank thus walked back holding a promise for recovery of Rs 25.75 crore. Today's was the 11th Lok Adalat held by the DRT-I here. Lok Adalats have become a monthly feature — last month, cases of the State Bank of India were taken up, when a compromise was reached for several cases involving Rs 12.41 crore. The DRT-I has, so far, helped banks recover Rs 880 crore. Actual recovery (cash paid) from Lok Adalats stands at Rs 46.35 crore. The DRT was set up in October 1996, but in April 2001, it was divided into DRT-I and DRT-II, because the load was getting heavy. The Tribunal's work was lightened by the creation of more DRTs — at Coimbatore and Ernakulam. DRT-I has earned by way of fees Rs 40.87 crore. DRT-II is estimated to have earned Rs 6 crore.
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