IBBI reacts on misleading news of IANS news story on huge gap in NPA cases

IBBI reacts on misleading news of IANS news story “Huge gap in 12 NPA cases dues with liquidation value.” denies to have made said claims

Dated 3rd May, 2019

The Editor
IANS India Pvt. Ltd
A-45 to 50, Right Wing
First Floor, Pioneer House
Sector-16, Noida-201301 U.P.

Dear Editor,

This has reference to the IANS story “Huge gap in 12 NPA cases’ dues with liquidation value: IBBI” that appeared in print media on 2nd May, 2019. The story inter alia carries the following statement:

“ … while haircuts taken by creditors in case of the resolved accounts so far have been as high as 90 per cent, according to the insolvency regulator IBBI data.”

2. The title of the story as well as the statement cited above have been attributed to IBBI. It is clarified that the IBBI or its data do not make or have not made any such claims. The statement that the creditors in case of resolved accounts have taken a haircut as high as 90% is not correct. Besides, the story has several errors, some of which are misleading. It states that the Alok Industries has the lowest realization at 11%, while the realisation is 17.11%.

3. In view of the above, you are requested to advise your readers to ignore the above story.

Yours faithfully,

-sd-
(Dr. Mamta Suri)
Executive Director
Insolvency and Bankruptcy Board of India