ICRA list names 328 such entities
Several large industrial houses, including groups like Tata and Jindal, have sought moratorium on loan repayment from their banks.
Rating agency ICRA has compiled a list of 328 entities that have sought to defer loan repayment for three months.
The list includes Tata Power, Jindal Power, Jindal Steel and Power, JSW Steel, Tata Power Renewable Energy, Piramal Enterprise, Mangalore Refinery and Petrochemicals, Kalyan Jewellers, TV Sundaram Iyengar and Sons, Rashtriya Ispat Nigam Ltd., Jay Shree Tea, Bharat Aluminium and Indian Terrain Fashions, among others.
ICRA said the list was not a comprehensive one, as information about some rated entities was not readily available as of now.
“It may be noted that for the entities that are yet to receive an approval for the moratorium from their lending institutions, if the same is not received in due course, ICRA would review its stance on default recognition,” ICRA said.
Following the nationwide economic lockdown, the Reserve Bank of India has allowed banks to extend the repayment moratorium for three months on term loans. Banks are not allowed to change the asset classification status of the loan even if a customer had applied for loan moratorium. However, it is the discretion of banks whether to allow the moratorium to their customers.
Among non-banking finance companies, Piramal Capital & Housing Finance Limited, has applied for moratorium. A few micro- finance institutions have also applied for the moratorium.
Most banks have so far denied any loan moratorium to non-banking finance companies, including housing finance companies.
With inputs from The Hindu
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