LAHORE, July 6: The Corporate & Industrial Restructuring Corporation would assume another 131 non-performing assets (NPAs) worth Rs14.399 billion of three development finance institutions and banks in the second phase of its operations.

This was stated by CIRC chairman Javed Hamid at a briefing after the board meeting here on Saturday.

The meeting was presided over Finance Minister Shaukat Aziz.

The CIRC will assume 54 NPAs worth Rs7.78 billion of IDBP, 22 worth Rs1.278 billion of NBP and 55 worth Rs5.34 billion of HBL.

The DFIs and banks have reported a total of 542 NPAs to the CIRC worth Rs80.336 billion. Out of them, 76 NPAs worth Rs11.746 billion belong to IDBP, 181 worth Rs30.379 billion to NBP, 253 worth Rs32.23 billion to HBL and 32 worth Rs5.980 billion to ADBP.

The CIRC officials said the reported NPAs of ADBP were being examined by the corporation.

Hamid said the assumption of fresh NPAs by the CIRC would leave it with NPAs worth Rs60 billion for resolution during the next phase of its operations.

The CIRC has already disposed of 54 NPAs for Rs1.1 billion out of 339 bad loans worth Rs60 billion assumed by it in the first phase of its operations up to June 30, 2002. Another 153 NPAs to the tune of Rs33 billion have been referred back to the banks and DFIs for resolution. Out of them NPAs involving Rs12.5 billion have already been resolved by the banks while the remaining ones are at various stages of resolution.

Meanwhile, the Revival Committee on Sick Units has revived 134 units involving an outstanding amount of Rs37 billion against them.

The committee has considered 303 cases with an outstanding amount of Rs65 billion and involving a default of Rs38.2 billion.