NEW DELHI:In a bid to step up its efforts to control non-performing assets (NPAs), the State Bank of India (SBI) is hiring more bankruptcy and legal firms to strengthen its stressed assets team to handle cases of above ₹100 crore under the Insolvency and Bankruptcy Code (IBC). "The bank seeks to empanel advocates/law firms for handling cases of above ₹100 crore," the SBI said. The bank has 20 stressed asset management branches across the country which report to its central stressed asset resolution vertical. In February, the SBI had invited applications for the empanelment of insolvency professionals registered with the regulator Insolvency and Bankruptcy Board of India (IBBI). Therefore, though cases under the IBC are delayed, it will still be the preferred mechanism as compared to other tools.

Source: Mint April 29, 2019 13:18 UTC