Out of more than INR 29 lakh crore owed by large corporate defaulters to PSU banks, Bank of Baroda ranks fifth with outstanding dues of INR 2.21 lakh crore. According to TransUnion CIBIL data, the bank has filed 9,013 civil suits nationwide to recover dues as of December 2025. At the top of the bank’s defaulter list is Reliance Communications, promoted by Anil Ambani, with 11 cases totaling INR 23,151 crore. Earlier reports in the series show Ambani-linked firms owe INR 48,282 crore to 13 banks. With Bank of Baroda’s exposure included, the total dues rise to INR 71,433 crore.
Other major defaulters include the Lanco Group (INR 7,215 crore), Hyderabad-based Gayatri Projects (INR 7,142 crore), and the Videocon Group (INR 5,296 crore).
Mumbai-based GTL Limited has 11 loans totaling INR 5,142 crore. The CBI registered an FIR for banking fraud, but the Bombay High Court recently quashed it, citing lack of details on bankers or fund diversion.
Several other firms face significant recovery cases: Kolkata-based Concast Steel and Power (INR 6,287 crore), Frost International (INR 4,112 crore), fugitive-linked Gitanjali Gems and Gitanjali Export Corporation (INR 2,194 crore), Bangalore-based Spice Trading Corporation (INR 2,729 crore), Mumbai-based EMI Transmission (INR 2,705 crore) and Pratibha Industries (INR 2,307 crore), along with Emco Ltd (INR 1,766 crore).
Additional large defaulters include EMC Ltd (INR 1,744 crore), Transstroy India (INR 2,255 crore), Gammon India (INR 2,194 crore), Parekh Aluminex (INR 2,080 crore), Siddhi Vinayak Logistics (INR 1,922 crore), JVL Agro (INR 1,915 crore), REI Agro (INR 1,727 crore), Rotomac Global (INR 1,370 crore), Winsome Diamonds (INR 1,243 crore), Monnet Power Co (INR 1,119 crore), Simplex Projects (INR 1,110 crore), and Surana Industries (INR 1,085 crore).
Other notable defaulters with dues between INR 600-INR 1,000 crore include Surya Pharmaceutical, Golden Jubilee Hotels, ABG Shipyard, Kwality Ltd, Zoom Developers, Sai Infosystems, Vimal Oil & Foods, Forever Precious Jewellery, and Kingfisher Airlines.
Banking sources note that most of these borrowers also owe large sums to multiple banks, often without recoverable collateral, and many loans were split into smaller accounts, resulting in multiple recovery cases.
