Union Bank of India expects to recover Rs 15,000 crore from bad loan accounts during the current financial year. A bulk of this will come from accounts undergoing insolvency resolution process. It expects to make recoveries worth Rs 10,000 crore from accounts under the National Company Law Tribunal (NCLT) for resolution of bad loans in 2022-23, the bank has said. “The recovery will be around Rs 15,000 crore,” Union Bank of India Managing Director and Chief Executive Officer A Manimekhalai has said.

Besides, the public sector lender is also likely to shift a few accounts under the newly-incorporated debt resolution company, NARCL.

A total of 44 bad loans have already been approved by the NCLT with loan exposure of Rs 4,842 crore. Additional 55 dud accounts cleared by the Committee of Creditors (CoCs) are awaiting approval of the tribunal. The 55 NPA accounts to be approved by NCLT have a total exposure of Rs 5,168 crore.

“So, almost around Rs 10,000 crore which we should expect in this financial year, definitely it should come...and (in) NARCL also, another three-four months, we are expecting some good number of accounts likely to be shifted,” Ms Manimekhalai has added.