Latest News for: Insolvent banking

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Suraksha group objects to extension for submission of bids for JIL

Yahoo Daily News 18 May 2021
Suraksha group and state-owned NBCC are in fray to acquire JIL through insolvency process and complete around 20,000 pending flats ... The JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium ... Check The Latest Interest Rates On 1 Year, 2 Years Fixed Deposit Of Private Banks.
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Credit Suisse best bet is hardball over Greensill

Reuters 18 May 2021
if compensating clients now represents a contingent liability for the bank, shouldn’t it have a higher capital ratio and lower valuation? ... - Investors in Credit Suisse Asset Management funds linked to insolvent Greensill Capital are pushing the bank to compensate them for possible losses, the Financial Times reported on May 16.
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Is the proposed Municipal Bank of Los Angeles a good idea?

LA Daily News 18 May 2021
Last week, the Los Angeles City Council’s Economic Development and Jobs Committee approved a motion in support of the Municipal Bank of Los Angeles ... If enthusiasm about projects related to community improvement results in an inappropriate assessment of risk, public bank lending will lead to defaults and insolvency.
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Jaypee Infra insolvency: NBCC, Suraksha asked to submit revised bids by Tuesday

Live Mint 17 May 2021
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP) ... The JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium.
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RBI opposes fresh insolvency freeze

The Times of India 17 May 2021
The Reserve Bank of India (RBI) has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent.
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Credit Suisse Faces Banker Exodus After $5.5 Billion Archegos Hit

Wall Street Journal 17 May 2021
investment-banking division have internally ... The debacle, coming on the heels of Credit Suisse’s involvement with the now-insolvent financing firm Greensill, forced the bank to cut its dividend and raise fresh capital from investors to shore up its balance sheet.
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SGX Nifty up 90 points; here's what changed for market while you were sleeping

The Times of India 17 May 2021
RBI has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code due to the second wave of Covid, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent ... PSU banks on alert ...
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Republic of Estonia - Staff Concluding Statement of the Virtual 2021 Article IV Mission

International Monetary Fund 17 May 2021
Though support through bank payments moratoria has expired, targeted financial support should continue to be provided to some sectors ... Average interest rates fell over the past year, reflecting improved bank competition and easier financial conditions ... Banks’ exposures to ...
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The second wave is different and its uncertainty could be costly

Live Mint 16 May 2021
The good news first. India’s covid surge is showing its first signs of peaking ... If bad loans at banks rise over time, banks could become risk averse, hurting credit and GDP growth ... One, strengthen the Insolvency and Bankruptcy Code (IBC). To overcome banking sector strains that could otherwise pile up, we believe the IBC must be strengthened ... .
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IDBI Bank settles loan with Aircel owner’s company

The Times of India 15 May 2021
IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019 ... Sivasankaran is facing investigations by the authorities for causing a loss to banks. According to banking sources, IDBI Bank has already written to the , whichhas confirmed that commercial dealings will not affect the criminal investigation process.
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IDBI Bank settles loan with Aircel founder C Sivasankaran

The Times of India 15 May 2021
IDBI Bank ... IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019 ... Sivasankaran is facing investigations by the authorities for causing a loss to banks. According to banking sources, IDBI Bank has already written to the CBI, which has confirmed that commercial dealings will not affect the criminal investigation process.
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Court ruling could help up to 20,000 people in Celtic Tiger-era debt

The Irish Times 14 May 2021
The deal was initially rejected by the Circuit Court on the basis that the woman could still be insolvent at 90 and facing the sale of her home to clear her debts ... Mitchell O’Brien, the Co Waterford-based personal insolvency practitioner who devised the arrangement, described the ruling as a “wake-up call” to banks and other loan owners.
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IDBI Bank settles loan with Aircel founder Siva

The Times of India 14 May 2021
IDBI Bank had initiated bankruptcy proceedings against Industries in 2019 ... Sivasankaran is facing investigations by the authorities for causing a loss to banks. According to banking sources, IDBI Bank has already written to the , which has confirmed that commercial dealings will not affect the criminal investigation process.
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Change-Ups: Kalaczinski named MOA’s Educator of the Year

Grand Rapids Business Journal 14 May 2021
BANKING ... ChoiceOne Bank announced the promotions of Sherri Campbell to vice president, BSA and security officer; Tyson ... News & World Report and Best Lawyers for Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, as well as Litigation-Banking & Finance.
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Judge approves arrangement to allow woman remain in her home

The Irish Times 13 May 2021
The High Court has approved a Personal Insolvency Arrangement (PIA) providing for a 54-year-old woman to make mortgage repayments on her family home until she is aged 90 ... That proposed PIA involved her paying a mortgage until she was 98 years of age and was, the judge said, “strenuously opposed” by her largest creditor, Ulster Bank.
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