Top 10 Loan defaulters in India
Recently Supreme Court of India has asked the Reserve Bank of India the list of Top 10 Loan defaulters in India.The court asked for the list of the defaulter companies which has to pay a loan of more than 500 crores. As the Non-Paying Assets of the banks are growing and by an estimate the total NPAs of public sector banks are Rs 4.04 lakh crore. The bad loans are more than Indian spending on defense, education, highways, and health in the year 2015. Let’s take a look on the Top 10 Loan defaulters in India.
Top 10 Loan defaulters in India
1. Kingfisher Airlines
Kingfisher Airlines is the biggest loan defaulting company in India and it tops the list of Top 10 Loan defaulters in India. Their total NPAs are Rs 2673 crores Indian rupees. Until 2011, Kingfisher Airlines had the second largest share in India’s domestic air travel market. Not only that It was included in the top 10 best airlines in the world at that time. Due to poor management and unnecessary over costs the Airline went bankrupt by the end of 2012. Since then it is dysfunctional.
Not only 14 different banks but Kingfisher owes money to employees, tax officials, caterers, aircraft leasing companies, fuel suppliers and taxi operators, also.
2. Winsome Diamond & Jewellery
This company is considered one of the largest wilful loan defaulters in India. The company owe RS. 2660 crore to the public sector banks. This company manufactures and exports gold, silver and platinum jewelry studded with diamonds, color stones, and semi-precious stones.
An internal audit by the Central Bank of India has found that the promoter of Winsome Diamonds and Jewellery may have shifted abroad.
3. Electrotherm India Limited
This company owe Rs 22,11 crore to various public & private sector banks. Electrotherm (India) has been Founded in 1983,
Electrotherm is a passionate company having interests primarily in engineering, engineering vehicles, steel pipes & renewable energy.
4. Zoom Developers Private Limited
Nearly 27 Indian banks still owe Rs 1,810 crore to this company. Zoom Developers Pvt. Ltd. operates as at
development and management company. The company’s projects include process plants and industrial and engineering projects. Vijay Choudhary and B L Kejriwal are the brains behind Zoom Developers who charted exponentially growth for the company.
5. Sterling Biotech Limited
It is based in Mumbai and it owe Rs. 1,732 crore to various banks. It is a pharmaceutical firm with a focus on contract research and manufacturing. It is flagship company of Sandesara Group, which also owns Sterling Oil Resources.
6. S. Kumars Nationwide Limited
They have a Rs. 1,692 Crore loan to pay to a consortium of financial institutions led by Punjab National Bank (PNB). SKNL is one of India’s leading textile and apparel company with expertise in multi-fibre manufacturing. The company has extended its presence in multiple product categories from Fabrics to Apparels and Home Textiles.
7. Surya Vinayak Industries
Presently they have an NPA of Rs 1,446 crore. Surya Vinayak Industries is part of Floriana Group based out of New Delhi. According to the company’s website, Surya Vinayak Industries imports, exports and trade in agro products. It is also a leading manufacturer of essential oils and other specialty perfumery compounds. There are allegations that company has diverted its assets out of the country.
8. Corporate Ispat Alloys
This company has a debt of Rs. 1,360 crore. Corporate Ispat Alloys Ltd (CIAL) is a unit of Abhijeet group. Established in the year 2008, Ispat Alloys India Pvt Ltd is a leading producer and exporter of Ferro Manganese, Silicon Manganese and Ferro Silicon
and exports in Mexico, Brazil, Argentine, US, Canada, Iran, Japan, Bahrain.
9. Forever Precious Jewellery & Diamonds
They are the ninth biggest loan defaulters with a debt of RS. 1,254 crore. FOREVER PRECIOUS JEWELLERY AND DIAMONDS LIMITED was promoted in 1996 by Winsome Diamonds And Jewellery Limited. The company is engaged in the manufacture of cut and polished Diamonds and plain and diamond studded gold jewelry for exports as also for sale in wholesale and Retail domestic market.
10. Sterling Oil Resources
Total debt of the company is Rs. 1197 crore. Based in Mumbai, Sterling Oil Resources Limited is a venture from the Sandesara Group, which is a $ 6.9 billion group.
The Sandesara group has many successful and diversified ventures. The Sterling Biotech, the flagship company, is listed on NSE and BSE in India, Luxembourg in Europe and Singapore in Asia.
- All India Bank Employees’ Association (AIBEA)