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ABG Shipyard fraud case: We will aim to recover as much as possible, says SBI

Mumbai: After the Central Bureau of Investigation (CBI) registered an FIR against ABG Shipyard and its directors for allegedly duping 28 banks of Rs 22,842 crore, State Bank of India (SBI) MD Swaminathan Janakiraman on February 13, told media that they will aim to recover as much as possible. "ABG Shipyard had been enjoying credit facilities from around 28 banks since 2001. The company could not sustain itself for long. Due to unviable operations, the company account was declared NPA in Nov 2013. Thereafter under the Corporate Debt Restructuring Mechanism, the banks restructured the debt in 2014 and gave more time to the company for repayment. The restructuring package was in effect for over two years. We will aim to recover as much as possible. Such cases have been fully provided for, so there will be no impact on the balance sheet of any of the banks or profit/loss accounts," said Swaminathan.

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