India’s top 25 willful defaulters include Gitanajli Gems, Era Infra
In a reply to a question in Parliament, Minister of State, Finance, Bhagwat Karad released the list of India’s top 25 Willful defaulters. Mehul Choksi’s Gitanjali Gems tops the list of willful defaulters, followed by Era Infra, both of which have been dragged to insolvency court.
Here’s the list of willful defaulters:
Top 25 willful defaulters in Scheduled Commercial Banks as on 31 March 2022
| Borrower Name | Amount Owed (Rs cr) |
| Gitanjali Gems Limited | 7,110 |
| Era Infra Engineering Limited | 5,879 |
| Concast Steel and Power Limited | 4,107 |
| REI Agro Limited | 3,984 |
| ABG Shipyard Limited | 3,708 |
| Frost International Limited | 3,108 |
| Winsome Diamonds and Jewellery Limited | 2,671 |
| Rotomac Global Private Limited | 2,481 |
| Coastal Projects Limited | 2,311 |
| Kudos Chemie Limited | 2,082 |
| Zoom Developers Private Limited | 1,818 |
| Best Foods Limited | 1,653 |
| Forever Precious Jewellery and Diamonds Private Limited | 1,639 |
| Deccan Chronicle Holdings Limited | 1,594 |
| Siddhi Vinayak Logistic Limited | 1,560 |
| SVOGL Oil Gas and Energy Limited | 1,486 |
| Surya Vinayak Industries Limited | 1,481 |
| Gili India Limited | 1,447 |
| EMC Limited | 1,342 |
| Rohit Ferro-Tech Limited | 1,333 |
| Hanung Toys and Textiles Limited | 1,306 |
| Amira Pure Foods Private Limited | 1,293 |
| Unity Infraprojects Limited | 1,230 |
| S Kumars Nationwide Limited | 1,177 |
| Sterling Biotech Limited | 1,158 |
Also see: Data on insolvency and bankruptcy
Meanwhile, the MoS Finance also presented a list of recovery made by different banks from written off accounts. Here’s the list:
Details of recovery made by Scheduled Commercial Banks in written-off accounts (in Rs cr)
| Bank | FY 2017-18 | FY 2018-19 | FY 2019-20 | FY 2020-21 | FY 2021-22* |
| American Express Banking Corporation | 49.61 | 70.53 | 87.77 | 70.38 | 82.43 |
| AU Small Finance Bank Limited | 38.19 | 25.36 | 16.73 | 5.10 | 5.37 |
| Axis Bank Limited | 182.92 | 1,867.45 | 1,552.99 | 1,245.52 | – |
| Bandhan Bank Limited | 4.50 | 11.41 | 24.91 | 30.77 | 388.12 |
| Bank of Baroda (BoB) | 620.67 | 832.09 | 1,531.78 | 2,985.38 | 2,510.12 |
| Dena Bank | 141.51 | 173.70 | Merged with BoB | ||
| Vijaya Bank | 154.49 | 288.82 | |||
| Bank of India | 408.13 | 970.52 | 1,775.37 | 529.65 | 1,097.13 |
| Bank of Maharashtra | 138.49 | 245.44 | 342.00 | 843.95 | 642.13 |
| Bank of Nova Scotia | 5.61 | – | 0.31 | 0.03 | – |
| Barclays Bank PLC | 5.20 | 18.24 | 3.71 | 3.03 | 0.36 |
| Canara Bank | 235.59 | 1,304.25 | 129.74 | 3,031.55 | 2,747.39 |
| Syndicate Bank | 488.33 | 569.99 | 1,065.93 | Merged with Canara Bank | |
| Central Bank of India | 409.61 | 557.09 | 693.10 | 297.14 | 331.53 |
| Citibank N.A. | 83.36 | 99.66 | 103.49 | 106.72 | 303.18 |
| City Union Bank Limited | 71.07 | 89.94 | 108.95 | 103.92 | 188.54 |
| Cooperatieve Rabobank U.A. | – | – | – | 2.54 | – |
| Credit Agricole Corporate and Investment Bank | – | 0.37 | 0.17 | – | 1.73 |
| CSB Bank Limited | 26.92 | 30.77 | 60.14 | 74.53 | 78.71 |
| CTBC Bank Company Limited | – | – | – | – | 2.62 |
| DCB Bank Limited | 5.98 | 4.23 | 4.74 | 4.83 | – |
| Deutsche Bank AG | 13.17 | 18.55 | 12.88 | 12.36 | 23.02 |
| Doha Bank Q.P.S.C | 0.71 | 18.09 | 1.39 | – | – |
| Equitas Small Finance Bank Limited | 2.41 | 8.50 | 6.34 | 5.62 | 23.70 |
| Federal Bank Limited | 100.78 | 43.58 | 52.24 | 81.01 | 179.14 |
| Fincare Small Finance Bank Limited | – | – | 1.63 | 1.70 | – |
| FirstRand Bank Limited | 0.01 | 0.02 | – | – | 0.50 |
| HDFC Bank Limited | 1,093.84 | 1,430.81 | 2,253.45 | 2,148.42 | 2,765.13 |
| Hongkong and Shanghai Banking Corporation Limited | 26.22 | 35.95 | 30.13 | 24.06 | 68.58 |
| ICICI Bank Limited | 278.96 | 1,727.02 | 398.97 | 229.99 | 1,283.61 |
| IDBI Bank Limited | 219.24 | 467.79 | 826.56 | 547.44 | 845.53 |
| IDFC First Bank Limited | – | 86.48 | – | – | – |
| Indian Bank | 248.84 | 158.19 | 261.07 | 617.50 | 1,611.69 |
| Indian Overseas Bank | 2.63 | 27.81 | 38.56 | 32.46 | 19.17 |
| IndusInd Bank Limited | 44.96 | 30.03 | 56.80 | 56.57 | 458.98 |
| Industrial and Commercial Bank of China | – | – | – | 0.37 | 21.72 |
| Jana Small Finance Bank Limited | – | – | 169.70 | 52.82 | 57.42 |
| Karnataka Bank Limited | 79.58 | 51.18 | 95.82 | 171.56 | 245.72 |
| Karur Vysya Bank Limited | 43.72 | 70.11 | 9.08 | 30.24 | 6.79 |
| Lakshmi Vilas Bank Limited | 47.06 | 22.38 | 8.37 | 2.49 | – |
| Mashreq Bank PSC | 1.17 | – | 0.02 | 0.20 | – |
| MUFG Bank Limited | – | 69.41 | – | 0.31 | – |
| Nainital Bank Limited | 0.14 | 0.24 | 0.28 | 0.04 | 0.01 |
| Natwest Markets PLC | 18.02 | – | – | 1.21 | 0.37 |
| North East Small Finance Bank Limited | – | – | 0.11 | 0.10 | 0.30 |
| Punjab and Sind Bank | 48.53 | 159.72 | 177.95 | 125.03 | 261.47 |
| Punjab National Bank (PNB) | 980.73 | 1,808.00 | 3,095.40 | 2,497.64 | 3,440.64 |
| Oriental Bank of Commerce | 263.69 | 1,061.97 | 702.15 | Merged with PNB | |
| United Bank of India | 106.76 | 342.97 | 535.35 | ||
| RBL Bank Limited | 6.45 | 18.81 | 17.08 | 158.64 | – |
| SBM Bank (India) Limited | 4.49 | 0.49 | 10.13 | 0.74 | 3.82 |
| South Indian Bank Limited | 59.73 | 11.79 | 18.48 | 66.64 | 104.75 |
| State Bank of India | 5,333.21 | 8,344.61 | 9,250.22 | 10,297.21 | 7,781.69 |
| Suryoday Small Finance Bank Limited | – | 1.07 | 2.90 | 4.09 | – |
| Tamilnad Mercantile Bank Limited | 80.18 | 41.33 | – | – | 221.33 |
| The Dhanalakshmi Bank Limited | 13.68 | 10.51 | 13.62 | 2.60 | 6.47 |
| UCO Bank | 181.56 | 448.30 | 1,002.97 | 986.40 | 1,546.22 |
| Ujjivan Small Finance Bank Limited | 2.94 | 21.05 | 31.18 | 8.86 | – |
| Union Bank of India (UBI) | 28.30 | 698.97 | 941.01 | 2,536.92 | 2,749.92 |
| Andhra Bank | 127.77 | 367.83 | 313.64 | Merged with UBI | |
| Corporation Bank | 318.06 | 706.88 | 2,146.05 | ||
| Utkarsh Small Finance Bank Limited | – | – | – | – | 29.66 |
| Yes Bank Limited | 33.75 | 30.52 | 31.79 | 68.09 | 1,397.26 |
Source: RBI, Global Operations
*Provisional Data
*****
2 thoughts on “India’s top 25 willful defaulters include Gitanajli Gems, Era Infra”