The Reserve Bank of India (RBI) has asked banks to resolve 55 high-value cases of bad loans within six months or face the prospect of being directed to go in for the new insolvency resolution mechanism as part of the strategy to rein in an unacceptable level of non-performing assets (NPAs).Earlier this month, RBI identified 12 accounts for insolvency proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 percent of total NPAs of banks.

Source - http://www.moneycontrol.com