Treat flat owners at par with banks under insolvency law: Assocham to NCLT

With thousands of home buyers of Jaypee Infratech languishing with stuck projects, industry body Assocham on Sunday said the government and the National Company Law Tribunal (NCLT) must treat flat owners at par with banks under the insolvency law. An Ordinance, if needed, should be brought to amend the Insolvency and Bankruptcy Code (IBC) for… Continue reading Treat flat owners at par with banks under insolvency law: Assocham to NCLT

Lenders meet today to review insolvency cases

Bank representatives are to meet here on Monday for a review of the work done on the resolution process under the Insolvency and Bankruptcy Code (IBC). It would be the first such exercise since the Reserve Bank of India (RBI), on June 13, directed action on 12 big-size bad loan cases. The aim is to… Continue reading Lenders meet today to review insolvency cases

Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

The Gujarat High Court on Monday disposed of Essar Steel’s petition against insolvency proceedings initiated by its lenders after a directive by the Reserve Bank of India (RBI). This is likely to smoothen the insolvency proceedings against Essar as well as the 11 other non-performing accounts identified by the RBI. The four other steel companies… Continue reading Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

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

Huge haircut needed on largest NPAs, says CRISIL

Financial News Rating agency CRISIL said the banks in question would need to find an extra Rs 40,000 crore as bad loan provisioning for the 12 big-size cases being referred, on Reserve Bank of India (RBI) order, to the National Company Law Tribunal (NCLT) for resolution. These 12 large accounts had become non-performing assets (NPAs)… Continue reading Huge haircut needed on largest NPAs, says CRISIL

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