Page 2 - Loan Default

Future Enterprises defaults on Rs 2,835-crore loan repayment

Debt-ridden Future Enterprises Ltd (FEL) on Friday said it has defaulted on payment of Rs 2,835.65 crore to various banks and lenders.

Religare Finvest defaults on an interest payment to NCD holders

Religare Enterprises on Tuesday said its debt-ridden subsidiary Religare Finvest Ltd (RFL) has defaulted on an interest payment due on March 28 for the non-convertible debentures (NCDs). The company defaulted on an interest amount of Rs 2.41 crore, Religare Enterprises said in a regulatory filing. As a result, four investors would be deprived of their interest due. It is to be noted that the RBI on March 11 declined the restructuring of RFL with Religare Enterprises continuing as its promoter since debt-ridden NBFC has been declared as "Fraud" exposure by lenders. RFL subsequently filed a writ petition before the Delhi High Court seeking a stay of operation of the aforesaid order besides other reliefs, it said. The Delhi High Court had stayed the impugned communication of the RBI dated February 11, 2022. As advised by RFL lenders, it said, all payments of RFL need prior certification from ASM (Agencies for Specialized Monitoring) appointed by the lenders. "Accordingly, RFL reques

Construction major HCC defaults on debt worth Rs 2,161 crore

Company has total dues of Rs 9,727 crore, Rs 4,091 crore of them to Indian banks

Promoter stake in ADA group firms falls as lenders invoke pledged shares

Retail, lenders stuck with dud shares; promoter stake in Reliance Infra fell to 5% this September end from 48.4% in March 2018. Reliance Infra's stake in Reliance Power fell to 25% from 75%

Bad-loan market may see a flurry of activity after lull of past few years

The bad loan market may get a boost from the fact that Centre may not indulge state-run banks anymore by recapitalising them as in the past

Evergrande dodges default again but sector debt concerns remain

Chinese media outlet Cailianshe reported several bondholders have received interest payments of the three bond tranches that had a total of more than $148 million due last month

CBI court grants bail to ex-Assam CM's son in loan default case

A CBI court on Monday granted bail to Ashok Saikia, son of former Assam chief minister Hiteswar Saikia, who was arrested by the central agency in connection with the alleged default of a loan

Affordable housing loan defaults surge to 7.2%, says rating agency Icra

The ultimate losses to lenders could be limited, given the secured nature of loans

National Housing Bank imposes Rs 80,000 fine on PNB Housing Finance

National Housing Bank (NHB) has imposed a penalty of Rs 80,000 on PNB Housing Finance for not complying with loan disbursement norms in 2015.

Retail credit has experienced an increase in serious delinquencies: Report

Loans against property and credit cards are the most affected segments

Sical Logistics defaults on Rs 281 crore loan and interest to lenders

Default amoubt excludes a recalled borrowing of Rs 241.48 crore, due to non-compliance of certain covenants of the loan agreement

Future Lifestyle Fashions defaults on NCD payments worth Rs 31 cr

The gross principal amount on which the default has occurred is Rs 350 crore

Need restructuring, not bankruptcy

Most stressed lenders should go into restructuring with the IBC being its bedrock

Pause in IBC, internal issues halt takeover of stressed projects

Big developers are in wait-and-watch as leveraged developers have made use of the six-month loan moratorium, effectively avoiding defaults

Future Enterprises reports default on interest payments of NCDs again

FEL, which is having financial troubles, had last week also informed default on interest payment of another non-convertible debenture

Auditors seek fine-tuning audit report guidelines, approach Sebi, NFRA

The new disclosures and assessments are a part of the Companies (Auditor's Report) order, or CARO, effective this financial year

Future Enterprises defaults on commercial paper repayment worth Rs 90 cr

"The delay in reporting is due to efforts being made by the company to make payment by mobilising certain funds to make payment and then submit report of having repaid with delay," FEL said

SBI invokes personal guarantees of Bhushan Power & Steel promoter

Action against Sanjay Singal comes within days of the Finance Ministry asking banks to invoke personal guarantees in all insolvency cases

Future Group arm defaults on debt repayment of Rs 22 cr due September 5

In a regulatory filing, the company said it has been unable to service its obligations towards payment of principal redemption and interest due on September 5, 2020

Life after moratorium, for banks and borrowers

There are enough filters in the Covid-19 loan restructuring scheme to prevent misuse, but is it a tool to delay the growth in banks' bad loans? We will know after two years