CONCEPT – WILFUL DEFAULTERS

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CONCEPT – WILFUL DEFAULTERS

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    • Who is a wilful defaulter? A default means non-payment of a loan availed by a borrower. A willful defaulter is an entity or a person that has not paid the loan back despite the ability to repay it.
    • Areas covered under wilful default: As per the RBI regulations, willful default covers several broad areas:
      1. Deliberate non-payment of the dues despite adequate cash flow and good networth,
      2. Siphoning off of funds to the detriment of the defaulting unit, Assets and proceeds have been misutilised;
      3. Misrepresentation / falsification of records;
      4. Disposal / removal of securities without bank’s knowledge;
      5. Fraudulent transactions by the borrower.
    • What is wilful default? Though willful default covers the above mentioned broad areas, major instance is non-repayment of loan availed despite the ability to pay the loan. Hence, it is in the sense of non-repayment of debt that willful default is seriously defined. A ‘wilful default’ would be deemed to have occurred if any of the following events is noted:
      1. The unit has defaulted in meeting its payment / repayment obligations to the lender even when it has the capacity to repay.
      2. The unit has defaulted in meeting its payment / repayment obligations to the lender and has not utilised the finance from the lender for the specific purposes for which finance was availed of but has diverted the funds for other purposes.
      3. The unit has defaulted in meeting its payment / repayment obligations to the lender and has siphoned off the funds so that the funds have not been utilised for the specific purpose for which finance was availed of, nor are the funds available with the unit in the form of other assets.
      4. The unit has defaulted in meeting its payment / repayment obligations to the lender and has also disposed off or removed the movable fixed assets or immovable property given for the purpose of securing a term loan without the knowledge of the bank / lender.
    • Track record: According to the RBI regulations, the identification of the wilful default should be made keeping in view the track record of the borrowers and should not be decided on the basis of isolated transactions / incidents. The default to be categorised as wilful must be intentional, deliberate and calculated.
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    • According to the latest figures presented in Parliament, the number of wilful defaulters for 21 PSBs has increased to 9,501 on June 30, 2018, from 8,315 on March 31, 2016.
    • It means an addition of 1,186 wilful defaulters in 27 months which also saw total amount involved go up to Rs.1.28 lakh crore as on June 30, from Rs.76,730 crore on March 31, 2016.
    • A more closer look of data show that 170 loan accounts were added to the list of wilful defaulter during first three months (April-June) of the current fiscal and amount involved increased by over Rs.6,000 crore.
    • As reported by PSBs, as on June 30, 2,348 FIRs have been registered against wilful defaulters, 8,994 suits have been filed for recovery from them, and action has been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) in respect of 7,471 cases.
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      PT's IAS Academy: CONCEPT – WILFUL DEFAULTERS
      CONCEPT – WILFUL DEFAULTERS
      Excellent study material for all civil services aspirants - begin learning - Kar ke dikhayenge!
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