According to Reserve
Bank of India (RBI) norms, a wilful default is when an entity defaults in its
payment obligations to lenders even if it has the capacity to pay and does not
use the funds for which the loan was availed or diverts those.
If the borrower uses
short-term working capital funds for long-term purposes not in conformity with
the terms of the sanction or deploys the borrowed funds for creation of assets
other than those for which the loan was sanctioned, it is construed as
diversion or siphoning of funds.
Kingfisher is at the
number one spot according to data compiled by the finance ministry on
defaulters.
The list.. as on
August 2014
Kingfisher
Airlines Rs 6,500 crore
Winsome Diamond Rs. 3,243 crore
Electrotherm
India Rs. 2,653 crore
Corporate Power Rs. 2,487 crore
Sterling Biotech Rs. 2,031 crore
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