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Defaulter

NCLT allows insolvency against Himalayan Mineral Water on J-K Bank's plea

The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Bank's plea for default of a corporate guarantee given for LeeL Electricals. The Allahabad bench of NCLT has also appointed Bhoopesh Gupta as the interim resolution professional (IRP) for this Dehradun-based firm's Corporate Insolvency Resolution Process (CIRP). "We are satisfied that the Applicant/Financial Creditor (J&K Bank) has proved the debt and the default, which is more than the threshold limit... the application u/s 7 is found to be fit for initiation of the CIRP against the Corporate Debtor (Himalayan Mineral Waters," said a two-member bench in the order passed last Monday. Jammu & Kashmir Bank had claimed a default of Rs 50 crore against Himalayan Mineral Waters, engaged in the business of manufacturing of beverages, being the corporate guarantor for the credit facilities availed by the Leel Electricals. LeeL ...

NCLT allows insolvency against Himalayan Mineral Water on J-K Bank's plea
Updated On : 09 Jun 2024 | 10:47 PM IST

FM nudges PSU banks to take swift action against frauds, wilful defaulters

Finance Minister Nirmala Sitharaman has asked public sector banks (PSBs) to take swift action in cases concerning fraud and wilful defaults to reduce bad loans and take steps to accelerate growth momentum, sources said. Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till the financial year 2021-22. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off. In a recent meeting with heads of PSBs, the finance minister urged them to focus on having robust risk management practices and mitigating Cyber Security risks. During the meeting, it was also emphasised that banks should follow a strong internal audit framework and adherence to caveats of internal policies, sources said. Some of the challenges highlighted during the meeting included the declining share of market share in terms of advanc

FM nudges PSU banks to take swift action against frauds, wilful defaulters
Updated On : 09 Jul 2023 | 4:53 PM IST

JP Associates defaults on Rs 3,956 cr loans; says taking steps to cut debt

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 3,956 crore, including principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company on April 30 defaulted on repayments of a principal amount of Rs 1,642 crore and interest of Rs 2,314 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds). JAL said that "the total borrowing (including interest) of the company is Rs 29,277 crore, repayable by 2037, against which only Rs 3,956 crore is overdue as on April 30, 2023". Out of the total borrowing, the company said Rs 18,106 crore will get further reduced on transfer to the proposed special purpose vehicle (SPV) for which the scheme of arrangement duly approved by all stakeholders is pending sanction of the NCLT. "The entire loan is in any case under ..

JP Associates defaults on Rs 3,956 cr loans; says taking steps to cut debt
Updated On : 09 May 2023 | 6:01 PM IST

China Evergrande shares dive to 11-year low as default risks grow

Shares of Evergrande plunged to over 11-year lows, extending losses as executives try to salvage its business prospects and as default fears grow over a looming deadline for payment obligations

China Evergrande shares dive to 11-year low as default risks grow
Updated On : 20 Sep 2021 | 1:56 PM IST

Supreme Court shuts back-door arrangement for defaulting promoters

The SC order barred promoters of Gujarat NRE Coke, a defaulting company, from proposing a revival plan in the event of liquidation under IBC

Supreme Court shuts back-door arrangement for defaulting promoters
Updated On : 16 Mar 2021 | 1:47 AM IST

MPs' panel for dilution of default definition, but RBI flags concerns

The commercial or debt paper is the favourite route of corporates to raise funds when compared with loans from banks. They help meet short-term working capital requirements.

MPs' panel for dilution of default definition, but RBI flags concerns
Updated On : 19 Feb 2020 | 10:09 PM IST

Dealing with debt default

In India, we have seen how major defaulters have decamped to safe havens with covert but full political support

Dealing with debt default
Updated On : 03 Jan 2020 | 8:26 PM IST

RBI ready to share information on defaulters for loans over Rs 5 crore: Report

The finance ministry asked the RBI to provide information on all such borrowers in order to monitor the process of sanctioning loans

RBI ready to share information on defaulters for loans over Rs 5 crore: Report
Updated On : 10 May 2016 | 11:05 AM IST

Will not spare any bank defaulter: Modi

Attacks Congress for 'opening banks for the rich during its rule'

Will not spare any bank defaulter: Modi
Updated On : 28 Mar 2016 | 1:18 AM IST