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Latest News for: Insolvent banking
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DHFL resolution: Lenders approve Piramal's bid
The Times of India 18 Jan 2021
In November 2019, the Reserve Bank referred Ltd (DHFL), the third-largest pure-play mortgage lender, to the () for insolvency proceedings ... He is also the resolution professional under the Insolvency and Bankruptcy Code (IBC). As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board, mutual funds and bondholders....
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Billionaire Ajay Piramal to take over DHFLFor Piramal, taking over rival Dewan would help the ...
Deccan Herald 18 Jan 2021
Billionaire Ajay Piramal’s conglomerate won bidding for bankrupt Indian shadow lender Dewan Housing Finance Corp, advancing a keenly watched insolvency that’s been a test of the country’s bankruptcy system ... Dewan was put into an insolvency process after it was seized by the central bank in a shock move in late 2019....
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£21m acquisition is biggest insolvency deal for Begbies
The Business Desk 18 Jan 2021
Insolvency specialist Begbies Traynor Group has announced the acquisition of CVR Global in a deal worth a potential £20.8m. The purchase will be made from the group’s existing bank facilities, it said ... CVR is an independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines....
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SBI initiates insolvency proceedings against Videocon promoters
The Economic Times 18 Jan 2021
In a petition filed by Videocon resolution ......
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George Bailey has a message for our nation’s leaders
Deseret News 17 Jan 2021
Since the November 2020 election, we have faced a run on the bank of our democracy ... Like a bank run, a rumor that an election has been corrupted is a self-fulfilling prophecy ... The bank of democracy can only sustain so many runs before it is rendered insolvent....
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NCLT ticks off banks, endorses liquidator’s role
The Times of India 16 Jan 2021
The Hyderabad bench of the National Company Law Tribunal (NCLT) brushed aside a petition filed by a consortium of lender banks seeking removal of a liquidator in the BS Company liquidation case ... “The liquidator had a suspicion that the old management and the banks were hand in glove in the misuse of public money,” it said....
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DHFL lenders vote in Piramal’s favour
Live Mint 15 Jan 2021
“There are about 150,000 DHFL creditors in total, including bondholders, banks and NBFCs ... DHFL’s resolution is critical since it will set a precedent for future insolvency cases in the lending sector. If the NCLT approves Friday’s votes, it may help the government decide how to resolve insolvency cases in the non-banking financial services sector....
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'Rapid increase in household debt may trigger gov't fiscal crisis'
Korea Times 15 Jan 2021
"In that very probable scenario, banks will not be able to retrieve loans, with pressure increasing to set aside greater loss reserves ... Meanwhile, Bank of Korea Governor Lee Ju-yeol said Friday that the risk of insolvency brought on by soaring household debt remains minimal....
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Boom Bust Broke - Philip Boucher-Hayes on the crash, ten years on
RTE 15 Jan 2021
For whom the banks were guaranteed ... Are our banks going to be able to withstand a wave of insolvencies and mortgage defaults? Or will they come running to us for help again? If austerity worked why isn’t everyone doing it now? Is emigration an opportunity or still a crucial safety valve? ....
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Liquidators to extend investigation into SA bitcoin trader
Business Day 15 Jan 2021
The temporary overseers are wanting to extend their powers to include the right to call witnesses to an insolvency inquiry, appoint investigators and solicit information from banks, said Herman Bester, one of four interim supervisors appointed to begin work on the matter ... No answers ... Bloomberg ....
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DHFL resolution: Oaktree Capital put on spot over rating claims
Live Mint 13 Jan 2021
In November, 2019, the Reserve Bank referred Dewan Housing Finance Limited (DHFL), the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings ... services companies, excluding banks, to the NCLT for insolvency proceedings....
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UK High Court refuses to release Vijay Mallya's funds over failure to present necessary information
India TV 13 Jan 2021
Fugitive businessman Vijay Mallya has been denied access by a UK court to a significant chunk of his cash held by the UK court funds office as part of the wider bankruptcy proceedings against him launched by a consortium of Indian banks....
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