Indiabulls Moves Delhi HC Against SIDBI, Says Loan Installments Can't Be Demanded In Light of Moratorium Imposed by RBI [Read Order]
4 years, 8 months ago

Indiabulls Moves Delhi HC Against SIDBI, Says Loan Installments Can't Be Demanded In Light of Moratorium Imposed by RBI [Read Order]

Live Law  

Indiabulls Commercial Credit Limited has moved the Delhi High Court challenging the demands for loan installments made by Small Industries Development Bank of India. He further submitted that the loan instalment of Rs.31,94,79,453/- for the month of March was duly paid on 09.03.2020, whereafter due to the onset of the pandemic of COVID19 and the subsequent lockdown in the country, RBI in order to give temporary relief to the borrowers all across the country, on 27.03.2020 issued a circular giving liberty to all banks to allow moratorium of three months on payment of instalments in respect of all term loans outstanding as on 01.03.2020, subject to the borrower making the said request. When the Petitioner made a representation before SIDBI, seeking relief under the aforesaid circular issued by the RBI, SIDBI replied by saying that it has to clarify with the central bank as to whether the said moratorium applies to Non Banking Financial Companies also. Appearing for SIDBI, Mr Sanjiv Sagar submitted that it is still awaiting necessary clarification from RVI, and that it has already received the payment from the Petitioner towards the instalment due in April, 2020. The court further noted that in case SIDBI receives a clarification from RBI that the circular dated 27.03.2020 is not applicable to the Petitioner and therefore makes a demand towards further instalments, the Petitioner would be at liberty to assail the said demand in accordance with law.

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History of this topic

RBI lifts curbs on Ashirvad Micro Finance, DMI Finance
1 day, 11 hours ago

RBI lifts curbs on Ashirvad Micro Finance, DMI Finance

The Hindu  

The Reserve Bank of India has lifted supervisory restrictions on Ashirvad Micro Finance Ltd. and DMI Finance Private Ltd. after getting satisfied about the corrective action taken by both the regulated entities. Subsequently, the above-mentioned companies initiated remedial action and submitted their various compliances to the Reserve Bank, the regulator said in a circular. “Now, having satisfied itself based on …

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT
3 weeks, 3 days ago

Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. On the other hand, the respondents submitted that the submission of the Appellants that they do not have any obligation to issue/ …

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT
1 month ago

Declaration Of Loan Account/ Debt As NPA Can Be Considered As Date Of Default To File Petition U/S 7 Of IBC: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra has held that upon declaration of the loan account/ debt as NPA that date can be reckoned as the date of default to enable the Financial Creditor to initiate action under Section 7 of the Code. There being default by the Corporate Debtor prior to 01.03.2020 and also …

Bank fraud allegations must never be levelled lightly
5 months, 3 weeks ago

Bank fraud allegations must never be levelled lightly

Live Mint  

The Reserve Bank of India’s latest revision of its Master Circular on Fraud Risk Management in banks and other regulated entities has not come a day too soon. This revision of instructions follows a recent Supreme Court ruling which said the principles of natural justice demand that the borrower be given a chance and time to respond to a charge …

NCLT Kolkata: Explicit Written Agreement Of Loan Compulsory For NBFC To Establish 'Financial Debt'
1 year, 1 month ago

NCLT Kolkata: Explicit Written Agreement Of Loan Compulsory For NBFC To Establish 'Financial Debt'

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Bidisha Banerjee and Shri Arvind Devanathan dismissing a CIRP petition held that an explicit written agreement of loan is compulsory for the Financial Creditor for being a NBFC to demonstrate whether the amount disbursed constituted a 'financial debt' under Insolvency and Bankruptcy Code, 2016. Further, the Corporate Debtor's balance sheet …

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance
1 year, 1 month ago

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan and Mr Barun Mitra has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal as per Section 31 of Insolvency and Bankruptcy Code, 2016 is confined to scrutinising whether Section 30 IBC has been complied with. Sita Chaudhary, the suspended …

RBI clears resolution plan for debt-ridden Reliance Capital
1 year, 1 month ago

RBI clears resolution plan for debt-ridden Reliance Capital

The Hindu  

The Reserve Bank of India on November 17 approved the resolution plan for debt-ridden Reliance Capital. This is to inform you that the Administrator of Reliance Capital Limited is in receipt of “No objection” vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing. IIHL had emerged as the highest bidder …

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor
1 year, 2 months ago

NCLAT Delhi: Benefit Under Section 17 Of Limitation Act Is Not Available When Fraud Was Played In Creditor Company And Not In Company Of Corporate Debtor

Live Law  

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan, Mr Barun Mitra and Mr Arun Baroka has rejected an appeal and held that benefits under Section 17 of the Limitation Act, 1963 for filing a belated claim is not available when the fraud was played in the Creditor Company and not in the company of the …

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes
1 year, 2 months ago

NCLAT New Delhi: Jurisdiction Of NCLT Under IBC Is Summary In Nature, Not Extensive As A Civil Court To Enquire Into Disputes

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Mr. Justice Ashok Bhushan and Mr. Barun Mitra dismissed an appeal filed by Vistra ITCL Ltd.. It held that the scope and jurisdiction of National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016 being summary in nature is distinctly not as extensive as that of a …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 2 months ago

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in NTT Data Business Solutions Pvt. When disputes arose between the Parties, the Corporate Debtor issued a notice invoking arbitration dated 14.06.2021 to the Operational Creditor, under Section 21 of Arbitration and Conciliation Act, 1996. Subsequently, the …

‘Filed Only For Recovery Of Balance Interest Amount’: NCLAT Delhi Upholds Dismissal Of Section 9 Petition
1 year, 11 months ago

‘Filed Only For Recovery Of Balance Interest Amount’: NCLAT Delhi Upholds Dismissal Of Section 9 Petition

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Permali Wallace Pvt. Ltd., has held upheld the Adjudicating Authority’s dismissal of a Section 9 petition, which was filed merely for recovery of balance interest amount in view of a settlement agreement and not for resolution of …

Corporate Debtor Willing To Pay Full Amount, Financial Creditor Opposes , NCLAT Upholds Dismissal Of Section 7 Petition
2 years, 3 months ago

Corporate Debtor Willing To Pay Full Amount, Financial Creditor Opposes , NCLAT Upholds Dismissal Of Section 7 Petition

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Reliance Commercial Finance Limited v Darode Jog Builder Pvt. Thereafter, on 04.11.2019 the Financial Creditor filed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution …

IBBI Rescinds Its Previous Circulars
2 years, 7 months ago

IBBI Rescinds Its Previous Circulars

Live Law  

The Insolvency and Bankruptcy Board of India vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required …

No Provision To Punish Creditors Filing False Claims Under IBC: Delhi High Court Issues Notice To IBBI, MCA
2 years, 11 months ago

No Provision To Punish Creditors Filing False Claims Under IBC: Delhi High Court Issues Notice To IBBI, MCA

Live Law  

The Delhi High Court has issued notice on a petition for framing of regulations under the Insolvency and Bankruptcy Code, 2016 for enforcing Section 15 thereof read with Regulation 6 of CIRP Regulations 2016, which states that "Submission of false or misleading proofs of claim shall attract penalties".The petition filed by Advocate Dr. Arun Mohan states that the Code does …

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court
2 years, 11 months ago

Borrower Can't Claim Loan Moratorium As A Right Based On RBI's Circular Of March 2020 : Karnataka High Court

Live Law  

The Karnataka High Court recently set aside the directionsissued to Reserve Bank of India by a single judge bench of the High Court directing it to monitor the implementation of Covid-19 package announced on March 27, 20202, by which RBI had allowed Banks to declare a three-month moratorium on all term loans, outstanding as on March 1, 2020. Senior Advocate …

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court
3 years ago

RBI Has Wide Supervisory Powers Over Financial Institutions Like SIDBI, Its Directions Are Statutorily Binding: Supreme Court

Live Law  

A Supreme Court bench comprising, while presiding over a matter regarding delayed payments of principal amount and interest accrued on bonds issued by SIDBI, stated that " The facts of the case relate to the issuance of a number of bonds by the appellant to M/s. The appellant refused to do so citing that RBI had issued a facsimile directing …

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks
3 years, 4 months ago

Madhya Pradesh High Court Stays RBI Circular On Urban Cooperative Banks

Live Law  

The Madhya Pradesh High Court has stayed a circular issued by the Reserve Bank of India on June 25 which laid down several conditions related to Urban Coopeartive Banks.A division bench comprising Chief Justice Mohammad Rafiq and Justice Vijay Kumar Shukla passed the interim order on September 3 while issuing notice on a writ petition filed by Mahanagar Nagrik Sahkari …

Kerala CM seeks moratorium on loan repayment
3 years, 5 months ago

Kerala CM seeks moratorium on loan repayment

The Hindu  

Chief Minister Pinarayi Vijayan on Thursday sought more cooperation from banks for effectively overcoming the pandemic-induced economic downturn. Mr. Vijayan urged the banks to ensure maximum coverage for farmers, dairy farmers and fishers under the Pradhan Mantri Kisan Samman Nidhi. The Chief Minister encouraged banks to provide liberal assistance to agricultural production groups that are being formed under the State …

Banks can no longer cite RBI note to throttle crypto
3 years, 7 months ago

Banks can no longer cite RBI note to throttle crypto

Live Mint  

The Reserve Bank of India on Monday clarified that its 2018 order directing lenders to stop dealing in virtual currencies was quashed by the Supreme Court in March last year and can’t be cited by banks to deny services to people dealing in cryptocurrencies. The clarification came after lenders such as HDFC Bank Ltd and State Bank of India cautioned …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 7 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

One-time settlement for bank loans not to mean escape from criminal liability: HC
4 years ago

One-time settlement for bank loans not to mean escape from criminal liability: HC

Deccan Chronicle  

HYDERABAD: A one-time settlement of loans taken from banks by itself is not legally sufficient to wipe out the criminal liability of the borrowers, particularly those who fraudulently took loans and opted to settle those with meagre amounts. Their firm, Kyori Oremin, availed credit facilities from Central Bank of India, SBI, Bank of Baroda, Bank of Maharashtra and ICICI Bank, …

Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P
4 years, 1 month ago

Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P

The Hindu  

Non-performing loans in the Indian banking sector is likely to witness an uptick and may shoot up to 11% of gross loans in the next 12-18 months, S&P Global Ratings said on Tuesday. It said forbearance is “masking” problem assets for Indian banks arising from COVID-19 and the financial institutions will likely have trouble maintaining momentum after the proportion of …

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC
4 years, 4 months ago

Loan moratorium: Banks shouldn’t declare accounts as NPAs till further order, says SC

Live Mint  

The Supreme Court of India on Thursday passed an interim order saying that the accounts not declared as non-performing asset as on 31 August shall not be declared as NPAs till further notice. The apex court on Thursday heard a batch of petitions seeking interest waiver on loan moratorium granted by Reserve Bank of India. While arguing whether banks should …

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told
4 years, 4 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18  

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

Whether The Circular Issued By The RBI Dated 27.03.2020 Whereby It Allowed Banks To Grant Moratorium On Payment Of Loan Instalments To Its Customers Is Mandatory, Directory Or Discretionary
4 years, 5 months ago

Whether The Circular Issued By The RBI Dated 27.03.2020 Whereby It Allowed Banks To Grant Moratorium On Payment Of Loan Instalments To Its Customers Is Mandatory, Directory Or Discretionary

Live Law  

Courtesy the present pandemic, financial difficulties are hurting industries across all sections. In order to ease out such a daunting situation, the RBI vide its circular dated 27th March 2020 had allowed banks and financial institutions to grant to its customers a moratorium of three months on payment of all loan installments falling due between March 1st, 2020 and May …

RBI Must Monitor Implementation Of Loan Moratorium Circular; Borrower Entitled To Seek Moratorium As A Matter Of Right For Continuity Of Business : Karnataka HC
4 years, 5 months ago

RBI Must Monitor Implementation Of Loan Moratorium Circular; Borrower Entitled To Seek Moratorium As A Matter Of Right For Continuity Of Business : Karnataka HC

Live Law  

The High Court of Karnataka has held that a borrower is entitled to seek loan moratorium on the basis of the Reserve Bank of India's March 27 circular, on the ground that the non-grant of it would affect the continuity of buisness.While acknowledging that the grant of moratorium as per the RBI circular is the discretion of the bank, the …

Moratorium will hurt NBFC balance sheets: experts
4 years, 7 months ago

Moratorium will hurt NBFC balance sheets: experts

Live Mint  

The six-month moratorium on loan repayments will hurt the balance sheets of Indian non-bank financiers, as most borrowers availed the scheme, but the lenders were denied the benefit by banks, said industry experts. Speaking via videoconference at CII’s Annual Session 2020 on Tuesday, the experts said while the moratorium will help borrowers, it was not the most effective solution to …

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]
4 years, 7 months ago

Delhi HC Directs RBI To Consider The Difficulties Faced By Depositors Due To Moratorium On Withdrawal From PMC Bank [Read Order]

Live Law  

Delhi High Court has directed the Reserve Bank of India and the Central Government to appreciate the difficulties faced by the senior citizens with respect to moratorium on withdrawal from Punjab & Maharashtra Bank and decide the same in accordance with law, rules, regulations and government policy. The order has come in a PIL filed by Bejon Kumar Mishra highlighting …

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice
4 years, 7 months ago

Plea Seeking Extension of The Benefits Of RBI Circular on Loan Moratorium To All NBFCs: SC Issues Notice

Live Law  

The Supreme Court has issued notice to the Centre and Reserve Bank of India in a plea by The Confederation of Real Estate Developers' Associations of India which sought for clarification regarding whether all NBFCs were eligible for loan moratorium or whether banks had the discretion to give the benefit. On March 27, in wake of the COVID-19 pandemic and …

SBI complains to CBI after ₹411 crore loan defaulters flee country
4 years, 8 months ago

SBI complains to CBI after ₹411 crore loan defaulters flee country

The Hindu  

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of ₹411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently booked the company engaged in export of Basmati rice to …

SBI to extend loan moratorium to NBFCs
4 years, 8 months ago

SBI to extend loan moratorium to NBFCs

The Hindu  

In a move that could give a huge relief to the non-banking finance companies facing a cash crunch, the State Bank of India has decided to extend loan moratorium to these entities. The move comes days after a recent meeting between the Reserve Bank of India and commercial banks wherein the issues of moratorium and liquidity flow to NBFCs were …

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium
4 years, 8 months ago

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium

The Hindu  

The Supreme Court on Thursday asked Reserve Bank of India to ensure that the central bank’s March 27 circular directing banks and financial institutions to provide borrowers a three-month moratorium on loan repayments is implemented in “letter and spirit” amid the COVID-19 pandemic. “We direct Reserve Bank of India to ensure the implementation of the circular dated March 27, 2020 …

NCLAT Directs NBCC To Implement Resolution Plan Pending Appeal in Jaypeee Infratech matter
4 years, 8 months ago

NCLAT Directs NBCC To Implement Resolution Plan Pending Appeal in Jaypeee Infratech matter

Live Law  

While hearing an urgent petition during the extended lockdown period moved by the NBCC, the National Company Law Appellate Tribunal declined to stay the implementation of the modified resolution plan and directed the state - run NBCC to acquire the debt ridden Jaypee Infratech and complete over 20,000 pending flats, but said the direction was subject to its final order.Justice. …

Lockdown : Delhi HC Freezes NPA Classification Taking Note Of RBI Advisory On Moratorium [Read Order]
4 years, 8 months ago

Lockdown : Delhi HC Freezes NPA Classification Taking Note Of RBI Advisory On Moratorium [Read Order]

Live Law  

The Delhi High Court has restrained YES Bank from declaring a loan account as a 'Non Performing Asset' for non payment of installment due to unprecedented circumstances brought about by COVID19 pandemic. Following the order passed in the case Anant Raj Ltd vs Yes Bank Ltd, the Single Bench of Justice Hari Shankar held that the Petitioner was entitled to …

HC order on Indiabulls Housing worries MFs
4 years, 8 months ago

HC order on Indiabulls Housing worries MFs

Live Mint  

Mumbai/New Delhi: An interim order by the Delhi high court restraining coercive action against Indiabulls Housing Finance Ltd for its inability to repay bondholders has raised fears among mutual funds that more debtors could take the same course. The Indiabulls counsel cited the Reserve Bank of India’s 27 March circular on loan moratorium and the ongoing lockdown to claim that …

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]
4 years, 8 months ago

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]

Live Law  

The Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank, in light of the moratorium allowed by the RBI by its circular issued on March 27. While passing the interim order, the bench expressed agreement with the view expressed by another bench in the case Ananth …

Moratorium on repayment puts NBFCs in a spot
4 years, 8 months ago

Moratorium on repayment puts NBFCs in a spot

The Hindu  

Non-banking financial companies may face a tough time following the Reserve Bank of India’s recent directive on providing a moratorium on repayment. “With collections being minimal and the moratorium only for their borrowers, raising fresh funds is critical, especially because NBFCs, unlike banks, do not have access to systemic sources of liquidity and depend significantly on wholesale funding,” it said. …

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]
4 years, 9 months ago

RBI Advisory On Moratorium Applicable Even To Loans On Default As On 1st March : Delhi HC [Read Order]

Live Law  

The Delhi High Court has held that the advisory issued by Reserve Bank of India on moratorium on loans in the wake of COVID-19 pandemic is applicable even to loans which were on default as on March 1, 2020.On this premise, the Court restrained Yes Bank from classifying a loan, which was on default since January 1, as Non Performing …

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]
4 years, 9 months ago

Delhi HC Restores 'Status Quo Ante' With Respect To Loan Classified As NPA By Yes Bank Amid COVID-19 [Read Order]

Live Law  

The Delhi High Court has held that YES Bank should not have classified a loan account as Non Performing Asset when delay in payment of installments was caused due to the conditions brought about by the effects of COVID19. Accordingly, status quo ante is restored qua the classification of the account of petitioner and the account classification as it stood …

Delhi HC Issues Notice In Indiabulls Housing Finance Ltd's Plea Challenging Downgrading of Credit Rating [Read Order]
4 years, 9 months ago

Delhi HC Issues Notice In Indiabulls Housing Finance Ltd's Plea Challenging Downgrading of Credit Rating [Read Order]

Live Law  

Delhi High Court has issued notice in a plea moved by Indiabulls Housing Finance Limited challenging the downgrading of its credit rating by ICRA. As per the plea, ICRA Limited has downgraded Petitioner's credit rating directly or indirectly in view of circular issued by the Securities and Exchange Board of India dated 30.03.2020. He submitted: 'Instead of giving further time …

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]
5 years, 1 month ago

NCLT Admits RBI's Petition Seeking Initiation Of Corporate Insolvency Resolution Process Against DHFL [Read Order]

Live Law  

The National Company Law Tribunal on Tuesday admitted a petition filed by the Reserve Bank of India seeking to initiate Corporate Insolvency Resolution Process against the crisis hit Dewan Housing Finance Corporation Ltd, a Financial Service Provider under the Insolvency & Bankruptcy Code, 2016. NS Venkatesh, Chief Executive, Association of Mutual Funds in India RBI had enclosed several evidences to …

Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman
5 years, 3 months ago

Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman

Live Mint  

New Delhi: To increase credit disbursement across the country ahead of the festive season, Finance Minister Nirmala Sitharaman has directed scheduled commercial banks and non-bank financial companies to reach out to new customers in 400 districts in two tranches from now and 15 October. Addressing a press conference after meeting the heads of commercial banks, Sitharaman said in the first …

Bank of Baroda plans ₹10,675 crore fresh exposure to shadow banks
5 years, 4 months ago

Bank of Baroda plans ₹10,675 crore fresh exposure to shadow banks

Live Mint  

Mumbai: Public sector lender Bank of Baroda plans additional exposure of ₹10,675 crore to non-banking financial companies in the second quarter of FY20. BoB is looking to purchase NBFC assets worth ₹5,600 crore, co-originate loans of ₹1,000 crore, provide loans of ₹3,575 crore for on-lending to the agri sector and has set aside ₹500 crore for “high-ticket balance sheet takeover”, …

Jaypee insolvency: NCLAT asks IDBI Bank to file affidavit listing out new terms for fresh bidding
5 years, 5 months ago

Jaypee insolvency: NCLAT asks IDBI Bank to file affidavit listing out new terms for fresh bidding

Firstpost  

All the 13 banks, which constitute 40.75 percent of CoC, voted against the bid by the state-run firm to acquire Jaypee Infratech. New Delhi: The National Company Law Appellate Tribunal Wednesday directed IDBI Bank, the lead lender of debt-ridden Jaypee Infratech, to file an affidavit listing out new terms and conditions if a fresh bidding process is conducted. During the …

NBFC Sector Budget 2019: Govt to provide one-time partial credit guarantee to PSBs to buy financially sound NBFC assets
5 years, 6 months ago

NBFC Sector Budget 2019: Govt to provide one-time partial credit guarantee to PSBs to buy financially sound NBFC assets

Firstpost  

The NBFCs are playing an important role in sustaining consumption demand as well as capital formation in small and medium industrial segment, she said in her maiden Budget Speech in Parliament. New Delhi: Non-banking financial companies play an important role in capital formation and the government will provide a one-time partial credit guarantee to PSBs to buy high-rated pooled assets …

ICICI Bank moves NCLAT to expedite insolvency plea against Jaiprakash Associates
5 years, 6 months ago

ICICI Bank moves NCLAT to expedite insolvency plea against Jaiprakash Associates

Live Mint  

New Delhi: Private sector lender ICICI Bank Monday approached the National Company Law Appellate Tribunal, seeking a direction to NCLT, Allahabad to expedite the hearing on its insolvency petition against Jaypee group firm Jaiprakash Associates Ltd. In September 2018, ICICI Bank had filed a petition before the Allahabad bench of National Company Law Tribunal seeking to start insolvency proceedings of …

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS
5 years, 8 months ago

RBI withdraws circular asking banks to declare exposure to crisis-hit IL&FS

Firstpost  

Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS Mumbai: Following an NCLAT order, the Reserve Bank of India has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to …

RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions
5 years, 8 months ago

RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions

Live Mint  

Mumbai: The Reserve Bank of India on Wednesday withdrew its 24 April-circular which mandated banks to disclose their exposure to Infrastructure Leasing and Financial Services Ltd, and its group entities, in their notes to financial statements. This comes after the National Company Law Appellate Tribunal last week allowed banks to declare defaulting loans of IL&FS and its group companies as …

RBI’s revised guidelines for resolution of stressed assets likely before May 23
5 years, 8 months ago

RBI’s revised guidelines for resolution of stressed assets likely before May 23

Live Mint  

New Delhi: The Model Code of Conduct for the Lok Sabha polls is unlikely to have any bearing on issuance of a revised framework for resolution of stressed assets by the Reserve Bank of India and the guidelines are expected to be announced before May 23, sources said. Against the backdrop of the Supreme Court quashing an RBI circular, issued …

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