6 Biggest Loan Defaulters in India
By SiliconIndia
4. Zoom Developers
The global financial crisis of 2008 made a huge impact on Zoom Developers. The company accounts for not repaying loan amounting Rs.1810 crore. Nearly 27 Indian banks, mostly public sector have lent around Rs.2700 crore to the company.
Earlier United Bank of India put the indication of acquiring Zoom Developer’s assets to recover the loan amount on behalf of 25 banks.
5. Sterling Bio Tech
Sterling Biotech, a pharmaceutical firm is accounted for repayment of loans worth Rs.1732 crore. The company deals in the manufacture of gelatin for pharmaceutical and edible uses. Sterling BioTech reported a loss of Rs. 103.33 crores in March 2014.
The company has taken loans from SBI, PNB and BOB.
6. S. Kumars Nationwide (SKNL)
SKNL is one of pioneers in manufacturing textiles and apparels and also involves in business of trading for the same. SKNL got the legal rights to manufacture and market the Reid & Taylor suiting in India in 1998. In spite of building a wealthy empire, SKNL is in the list of loan defaulters, and non payments worth Rs.1692 crores.
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