Insolvent Banking

Latest News for: Insolvent banking

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Disgraced beancounter KPMG facing – a record £12.5m fine over banking fiasco

This is Money 22 May 2019

... its work for American banking firm BNY Mellon ... The regulator is now pressing for KPMG to pay a fine of at least £12.5million, saying that its failures risked the possible insolvency of the bank....

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Essar Steel resolution: NCLAT reserves order on ArcelorMittal offer

Yahoo Daily News 22 May 2019

During Tuesday s proceedings, senior advocate Kapil Sibal appearing on behalf of Standard Chartered Bank, a secured creditor of Essar Steel, said ArcelorMittal should not be allowed to add working capital to brighten up its final resolution plan ... Insolvency petition against Essar Steel was admitted by the NCLT, Ahmedabad, on August 2, 2017....

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‘Corpus fund for insolvency resolution cannot be attached by any authority’

Business Line 21 May 2019

ICICI Bank vs Gitanjali Gems. In the matter of ICICI Bank versus Gitanjali Gems, the Tribunal observed that the company, being a corporate debtor, is under insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) in respect of a petition filed by the bank....

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Essar Steel: NCLAT reserves order on ArcelorMittal takeover

Yahoo Daily News 21 May 2019

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Nothing paid off Sandymount couple’s mortgage since 2015, court told

The Irish Times 21 May 2019

The Circuit Civil Court was told the couple owe almost €780,000 on a mortgage the fund took over from a bank ... Mr O’Kane had sought the advice of a financial adviser under the personal insolvency process but had failed to inform the bank when his relationship with that adviser ended....

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British celebrity chef Jamie Oliver's restaurant chain collapses

Hong Kong Standard 21 May 2019

British chef Jamie Oliver is looking into the abyss with his restaurant operations ... About 1,300 jobs are at risk, it is estimated ... TS Channel. IOS Android. IOS Android. More>> ... UK's Sky News has reported that the insolvency process is likely to leave HSBC, the company's principal bank lender, nursing a multimillion-pound loss. ....

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Jaypee infratech insolvency: Adani Group bid turned down by CoC

Yahoo Daily News 20 May 2019

During JIL’s previous Corporate Insolvency Resolution Process (CIRP), initiated in August 2017, the Adani group had submitted a bid ... Later, on a writ petition filed by homebuyers, the Supreme Court on August 9, 2018, directed the resolution professional to follow provisions of the insolvency code afresh in all aspects ....

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Fridman's DIA plan offers less to Spanish banks than foreign bondholders-Santander

This is Money 20 May 2019

Santander holds the lion's share of the supermarket group's debt with banks, which need to agree to re-finance it by midnight on Monday to stave off the risk of starting insolvency proceedings ... It did not name the hold-out bank, but sources familiar with the matter said only Santander was yet to sign up....

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ONGC, GIP, Tripura govt plan to buy IL&FS' 26% stake in Rs 3,804-crore OTPC power project in Palatana

Yahoo Daily News 20 May 2019

Oil and Natural Gas Corp. Ltd (ONGC), Global Infrastructure Partners (GIP) and the Tripura government are reportedly planning to buy a stake in ONGC Tripura Power Co. Ltd (OTPC), a media report said ... With PTI inputs. Also See ... Jaypee Infratech insolvency. NCLT to hear on 21 May IDBI Bank's plea on bankruptcy process deadline extension ... ....

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Do not just go by exit polls, be cautious: Swaminathan Aiyar

The Times of India 20 May 2019

... out by central banks in America, Europe and other places ... Those small incremental steps can take you up to a point and as Alistair said the good things about GST and the Insolvency and Banking Code the dividend from those two major reforms they were not immediately available....

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NeSL offers IPs its platform to store data

Live Mint 19 May 2019

Ramann said NeSL plans to become a platform where data from banks, IPs and liquidators can be integrated ... Government-owned NeSL is India’s only IU which provides data sourced from different banks, enabling faster admission of cases for insolvency process under the National Company Law Tribunal (NCLT)....

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Tyler Cowen: Nuclear war is still very possible and very scary

Sacramento Bee 19 May 2019

One of the most striking facts of today's world is that young people do not seem to worry very much about nuclear war ... ... In the 1950s and '60s, fears of nuclear war were palpable ... (Thankfully, nothing comparable followed.) Now we worry a lot – maybe too much – about insolvent banks, insufficiently high inflation, and the Chinese shock to U.S ... ....

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NCLAT annuls voting on NBCC’s Jaypee bid

The Times of India 18 May 2019

The National Company Law Appellate Tribunal’s order on Friday came on a plea by IDBI Bank, a lender to Jaypee Infratech, seeking a stay or annulment of the voting process ... The company went into insolvency in 2017 on an application by the IDBI Bank-led consortium....