Insolvent Banking

CHAT

Friday, 18 September 2020

Latest News for: Insolvent banking

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‘Bankruptcy law has changed the credit culture in banks’

Live Mint 18 Sep 2020

Having said that, the success of a bad-bank in ... Pre-pack, last-mile financing issues around contingent liability, operational creditors, statutory dues and taxation must be addressed to strengthen pre-insolvency framework of banks which can augment the success of bad-banks....

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Relief for Ambani as SC nixes SBI plea

Live Mint 18 Sep 2020

SBI told the apex court last week that the high court did not grant the bank an opportunity to file a counter-affidavit and was not justified in passing an interim order staying insolvency proceedings against Ambani “who owes the bank public money to the tune of ₹1,707 crore"....

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SBI chief urges investors to take part in stressed assets sector

Yahoo Daily News 17 Sep 2020

New Delhi, Sep 17 (PTI) State Bank of India (SBI) Chairman Rajnish Kumar on Thursday invited investors to take part in the country's stressed assets sector ... Sahoo said India's position in terms of resolving cases under insolvency has improved to 52nd from 136th earlier, as per the World Bank's ranking....

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SC dismisses SBI's plea to vacate stay on Anil Ambani's bankruptcy proceedings

Live Mint 17 Sep 2020

The SBI, in its petition before the apex court last week, submitted that the high court did not grant the bank an opportunity to file a counter affidavit and was not justified in passing an interim order staying insolvency proceedings against Ambani “who owes to the Bank public money to the tune of ₹1707 crores"....

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SC rejects SBI plea for resuming insolvency proceedings against Anil Ambani

Yahoo Daily News 17 Sep 2020

New Delhi, Sep 17 (PTI) The Supreme Court Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications (RCom), Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms....

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World Bank's IFC warns of Asia-Pacific 'financial crisis'

Yahoo Daily News 17 Sep 2020

JAKARTA (Reuters) - The Asia-Pacific region risks a damaging financial crisis from a surge of non-performing loans caused by rising insolvencies, a senior official from the World Bank Group's private sector arm said on Thursday ... With a few exceptions, Garcia Mora said the region's judicial systems were unprepared for a leap in insolvency cases....

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Lenders to Aircel call for bridging Sarfaesi, IBC gap

Live Mint 17 Sep 2020

Lenders to the Aircel Group, led by State Bank of India (SBI), have written to the Reserve Bank of India (RBI) seeking harmonization between India’s insolvency law and the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act, said two people, requesting anonymity....

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Relief for Anil Ambani as SC dismisses SBI plea

Sify 17 Sep 2020

The SBI in its petition before the apex court last week, had submitted that the high court did not grant the bank an opportunity to file a counter affidavit and was not justified in passing an interim order staying insolvency proceedings against Ambani "who owes to the Bank public money to the tune of Rs 1,707 crore"....

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World Bank’s IFC warns of Asia-Pacific ‘financial crisis’

Metro USA 17 Sep 2020

JAKARTA (Reuters) – The Asia-Pacific region risks a damaging financial crisis from a surge of non-performing loans caused by rising insolvencies, a senior official from the World Bank Group’s private sector arm said on Thursday ... the Bank for International Settlements....

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EU sets out new attempt to deepen capital market

The Economic Times 17 Sep 2020

"The Commission will start work on the actions announced in this action plan by launching public consultations on the legal framework for European long-term investment funds and non-bank insolvency shortly," the document said ... ....

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The Debt Panel: ‘Scammers raided our bank account. How can we recover the money?'

The National 16 Sep 2020

However, my husband started receiving phone calls and text messages from supposedly official institutions, such as Emirates ID, UAE Pass and even our bank ... How can I apply for personal insolvency?'. We complained to our bank about the calls and they assured us it was not them ... We have followed up repeatedly with our bank and the police....

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Clients of fund management companies receive payments end of Sept

Graphic 16 Sep 2020

Tetteh told the Daily Graphic and the Graphic Business's specialised programme on banking and finance, Banking & More, on Monday, September 14 that the money would be credited to the accounts of the clients whose claims had been validated following a successful completion of the necessary processes ... Banking & More....

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Not in our interests to support loss-making businesses – Central Bank governor

The Irish Times 16 Sep 2020

It is not in anybody’s interests to support loss-making enterprises, with some companies unlikely to survive Covid-19, the governor of the Central Bank has warned in a pre-budget submission ... of the economy and reduce the risk that otherwise viable companies become insolvent....