Latest News for: Insolvent banking

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Future Retail’s objections to resolution professional misplaced: Bank of India counsel

Financial Express 25 Jun 2022
A counsel for Bank of India (BoI) has termed Future Retail’s (FRL) objections against appointing ... Amazon is opposing the initiation of insolvency proceedings, alleging the banks had colluded with FRL and that bankruptcy proceedings at this stage will compromise its rights.
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HNG promoter offers Rs 1,380 cr in cash, 10% equity to lenders

The Times of India 24 Jun 2022
Kolkata-based HNG was admitted for insolvency proceedings at the behest of DBS Bank in October last year ... 12A of the Insolvency and Bankruptcy Code (IBC).
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Mint Morning Digest: Asian stocks set for steady opening, Dalmia Bharat’s expansion plans and more | Mint

Live Mint 24 Jun 2022
Amazon faces uphill battle with Future Retail insolvency, say legal experts. Amazon’s efforts to oppose Bank of India’s move to initiate corporate insolvency resolution proceedings against debt-laden Future Retail Ltd will be an uphill task, experts said ... Bombay HC rejects Dish TV petition against Yes Bank.
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German Navy Bids to Acquire Rostock Shipyard

The Maritime Executive 24 Jun 2022
The German government confirmed that it has entered a bid to acquire the Rostock shipyard that formerly belong to the now defunct MV Werften group that financially collapsed in January 2022 after it failed to win additional loans from the government and its banks. The insolvency ...
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Amazon faces uphill battle with Future Retail insolvency, say legal experts | Mint

Live Mint 23 Jun 2022
Amazon’s efforts to oppose Bank of India’s move to initiate corporate insolvency resolution proceedings against debt-laden Future Retail Ltd will be an uphill task, experts said ... proceedings against the company, which owes around ₹15,000 crore to creditors led by Bank of India.
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Let’s promote mediation as a way to resolve IBC delays | Mint

Live Mint 23 Jun 2022
India’s Insolvency and Bankruptcy Code (IBC), 2016, was designed to focus on addressing stress in chronically sick companies through either resolution or liquidation, as warranted back then by mounting non-performing assets (NPAs) in our banking sector that the prevalent system could not adequately fix.
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Two examinations of US economic policy

Free West Media 23 Jun 2022
The Fed’s support of asset prices saved large insolvent banks from going under, but allowed smaller banks and the dispossessed homeowner to bear the cost ... In other words, the Federal Reserve created $8.2 trillion dollars with which to purchase bad investments that threatened banks’ balance sheets with insolvency.
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The Fed’s Austerity Program to Reduce Wages

Scheerpost 23 Jun 2022
The Federal Reserve Board’s ostensible policy aim is to manage the money supply and bank credit in a way that maintains price stability ... The Fed’s Junk Economics of What Bank Credit Is Spent On ... But the Fed’s support of asset prices ha saved many insolvent banks – the very largest ones – from going under.
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Who owns the Fed’s massive losses?

The Hill 23 Jun 2022
It can continue to print money even if it is deeply insolvent. But, according to the Federal Reserve Act, Fed losses should impact its shareholders, who are the commercial bank members of the 12 district Federal Reserve banks ... Member banks must purchase shares issued by their Federal Reserve district bank.
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Future Enterprises defaults on interest payment

Financial Express 22 Jun 2022
Separately, the Mumbai bench of the National Company Law Tribunal (NCLT) will continue to hear US retailer Amazon’s plea that opposed Bank of India’s (BoI) insolvency petition against debt-laden Future Retail (FRL) on Thursday.
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IVRCL resolved under IBC, lenders set to recover dues

Marietta Daily Journal 22 Jun 2022
... debt laden company to the insolvency tribunal.
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IVRCL resolved under IBC, lenders set to recover dues | Mint

Live Mint 21 Jun 2022
Hyderabad-based construction company IVRCL’s lenders are set to finally recover a part of their dues, almost five years after the Reserve Bank of India (RBI) prodded banks to refer the debt laden company to the insolvency tribunal ... initiative to clean up the banks’ balance sheets.
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Future Retail asks NCLT for a new RP

Financial Express 21 Jun 2022
Future Retail (FRL), against which Bank of India has filed insolvency proceedings, on Tuesday told the National Company Law Tribunal (NCLT) that the proposed resolution professional (RP) should be changed due to a conflict of interest.
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Multi-million euro debt write-off for Ballsbridge couple faces opposition

Irish Independent 21 Jun 2022
Some €10m in debt is common to both husband and wife, while Mr Brophy has additional unpaid borrowings of close to €3m.The couple’s creditors include their mortgage lender Pepper, Cabot Financial, EBS, Cerberus, and Bank of Ireland.Under PIAs devised by personal ...
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Couple want multi-million debt written off in exchange for €25,000 lump sum

Irish Independent 21 Jun 2022
Some €10m in debt is common to both husband and wife, while Mr Brophy has additional unpaid borrowings of close to €3m.The couple’s creditors include their mortgage lender Pepper, Cabot Financial, EBS, Cerberus, and Bank of Ireland.Under PIAs devised by personal ...

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