Wednesday, May 25

Tag: RBI

Wilful Defaults Surpass $21 billion mark in India for the Year 2018-19
Corporate, News

Wilful Defaults Surpass $21 billion mark in India for the Year 2018-19

Highlights: The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19The data from Reserve Bank of India represents gross loans and advances in state-run banks was calculated around INR 638.2 billion, as of March 31, 2019The government undertaking banks have filed 1,475 police complaints against wilful defaulters in the previous 3 financial years According to Indian law, wilful defaulters are known as companies or individuals that own large businesses and intentionally skip repayments. The state-owned banks in India had revealed INR 1.50 trillion ($21.76 billion) worth of loans as wilful defaults in 2018-19, while State Bank of India is accounted to have nearly one third of worth of loan lent. The State Bank of ...
NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs
Corporate, News, Regulatory

NCLAT Authorizes Banks to Reveal Defaulting IL&FS Accounts as NPAs

Highlights The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assetsCurrently, the IL&FS Group companies have a cumulative debt of over INR 90,000 croreThe RBI urged the NCLAT, filing an appeal to tweak the order allowing the banks to reveal the defaulting accounts of IL&FS as NPAs The National Company Law Appellate Tribunal (NCLAT) on Thursday permitted the banks to reveal the accounts of IL&FS and its set of companies as non-performing assets (NPAs) regarding the defaulted payments. Chairman Justice SJ Mukhopadhaya elevated the ban on the banks to reveal the in-debt accounts of IL&FS and its group of 300 entities. The NCLAT has made it clear that the b...
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IDBI – Insolvency Application Against Reliance Naval & Engineering Limited

Industrial Development Bank of India(IDBI) has filed an insolvency application to National Company Law Tribunal(NCLT) against Reliance Naval & Engineering Limited, an Indian Shipbuilding and Heavy industry company headquartered in Mumbai and owned by Anil Ambani. Summary Insolvency application filed in Anil Ambani’s Reliance Naval & Engineering Limited for seeking debt resolution under the Insolvency and Bankruptcy Code (IBC) IDBI has filed the petition to NCLT over a defaulted loan of Rs 1,250 Crore by Reliance Naval & Engineering Ltd. Reliance Naval & Engineering Limited proposed a one-time settlement to its lenders on Set 6 but the lenders have given 10 days to revise its settlement proposal The Application will be withdrawn from NCLT, if 90 percent of len...