HC puts StanChart’s plea on Essar Steel’s insolvency proceedings on hold

A division Bench of the Gujarat High Court on Wednesday adjourned Standard Chartered Bank’s appeal for quashing a single-judge Bench’s stay on insolvency proceedings filed against Essar Steel. The London-based lender said in its appeal, a copy of which is in possession of Business Standard, that Essar Steel had “failed to disclose” to the single-… Continue reading HC puts StanChart’s plea on Essar Steel’s insolvency proceedings on hold

NPA problem: RBI identifies 12 mega defaulters for insolvency

Financial News : The Reserve Bank of India (RBI) on Tuesday said its internal advisory committee (IAC) had identified 12 accounts that covered about 25 per cent of the banking system’s non-performing assets for immediate resolution under the Insolvency and Bankruptcy Code. The gross bad debt of the Indian banking system as of March was… Continue reading NPA problem: RBI identifies 12 mega defaulters for insolvency