Keep off companies under IBC, go after promoters: SBI chief asks probe agencies
5 years, 3 months ago

Keep off companies under IBC, go after promoters: SBI chief asks probe agencies

Live Mint  

Mumbai: State Bank chairman Rajnish Kumar on Tuesday said the Enforcement Directorate and other central law enforcement agencies should restrict to attaching personal assets while investigating a promoter and keep off the company which is under the insolvency process. "Any action which ED or any other central authority has to take, they can take with the existing promoters and attach their personal assets leaving their companies away," he said, speaking at a Bloomberg event here. Kumar said the agencies should follow this rule especially in case of companies which are undergoing bankruptcy process, as new suitors are "not fools" to risk their money. Meanwhile, Kumar also said since public private partnership model has not succeeded, a new model needs to emerge and the government cannot continue to take the financial burden on projects.

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History of this topic

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 …

IBA plans to set up framework around April to address issues related with consortium lending to industry
5 years ago

IBA plans to set up framework around April to address issues related with consortium lending to industry

Firstpost  

And to address these issues, there are two things which are happening, one is at the IBA level and another by Reserve Bank of India to develop secondary market for loan to corporates. New Delhi: The Indian Banks’ Association, headed by SBI Chairman Rajnish Kumar, will come out with a framework around April to address issues related with consortium lending …

Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI
5 years, 3 months ago

Keep off companies under IBC, attach promoters' personal assets, SBI chairman Rajnish Kumar tells ED, CBI

Firstpost  

Mumbai: State Bank chairman Rajnish Kumar on Tuesday said the Enforcement Directorate and other central law enforcement agencies should restrict to attaching personal assets while investigating a promoter and keep off the company which is under the insolvency process. “Any action which ED or any other central authority has to take, they can take with the existing promoters and attach …

At IBBI-FICCI huddle in New York, Arun Jaitley says bankruptcy code-led stressed assets sale 'great opportunity for foreign investors'
6 years, 1 month ago

At IBBI-FICCI huddle in New York, Arun Jaitley says bankruptcy code-led stressed assets sale 'great opportunity for foreign investors'

Firstpost  

India’s finance minister Arun Jaitley, principal economic advisor Sanjeev Sanyal and Chairman of the Insolvency and Bankruptcy Board of India M S Sahoo made a strong pitch for turbocharging foreign investment in Indian companies’ stressed assets that will be going up for sale in the coming months. New York: India’s finance minister Arun Jaitley, principal economic advisor Sanjeev Sanyal and …

AION Capital-JSW Steel consortium agrees to pay Monnet Ispat’s small creditors
6 years, 6 months ago

AION Capital-JSW Steel consortium agrees to pay Monnet Ispat’s small creditors

Live Mint  

Mumbai: The AION Capital-JSW Steel consortium has agreed to pay small operational creditors of Monnet Ispat after the dedicated bankruptcy court observed that there is nothing for small vendors in the resolution plan and they need to keep them in mind while acquiring an asset at such an attractive valuation. The lone successful bidder agreed to set aside around ₹ …

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