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Wilful Defaulter

IL&FS moves NCLAT, seeks protection for group cos from wilful defaulter tag

The newly appointed board of debt-ridden IL&FS has moved an urgent application before the appellate tribunal NCLAT to restrain 11 public sector lenders from initiating proceedings to declare its group companies as "wilful defaulters". In its petition, IL&FS said it is aggrieved by the "blatant violation and disregard" of previous NCLAT orders by the banks. IL&FS also charged banks of taking procedural action under the garb of the RBI guidelines, and harassing the Directors of the IL&FS companies". The banks are "issuing show cause notices, calling for a personal hearing before the Wilful Defaulter Identification Committee, threatening initiation of criminal proceedings, including initiating proceedings as well as and for declaring IL&FS companies and their current Directors as Wilful Defaulters, as well as getting issued Look Out Circulars," it submitted. "All such coercive actions/steps are attempts by the Respondent Banks to pressurize the IL&FS companies to .

IL&FS moves NCLAT, seeks protection for group cos from wilful defaulter tag
Updated On : 18 Mar 2024 | 7:56 PM IST

2,623 wilful defaulters owe Rs 1.96 trillion to Indian banks: Bhagwat Karad

Karad also informed the Lok Sabha that the Centre has written off loans worth over Rs 10 trillion, in the last five years

2,623 wilful defaulters owe Rs 1.96 trillion to Indian banks: Bhagwat Karad
Updated On : 05 Dec 2023 | 9:58 AM IST
Updated On : 22 Sep 2023 | 12:27 AM IST

Cong slams govt over RBI policy change to settle loans of wilful defaulters

Congress on Wednesday slammed the Centre after RBI brought in a policy that allows banks to settle loans of accounts classified as "wilful defaulters" by entering into compromise settlements

Cong slams govt over RBI policy change to settle loans of wilful defaulters
Updated On : 14 Jun 2023 | 3:44 PM IST

RBI permits banks to undertake compromise settlement of wilful defaults

In order to ensure maximum recovery from distressed assets, the Reserve Bank of India has allowed banks to go for compromise settlement of fraud accounts and wilful defaults. All regulated entities (REs) will be required to put in place board-approved policies for undertaking compromise settlements, with the borrowers as well as for technical write-offs laying down the process to be followed for all compromise settlements and technical write-offs, with specific guidance on the necessary conditions precedent, the RBI has said in a notification. Conditions would include minimum ageing, deterioration in collateral value etc., it said. The policies would also put in place a graded framework for the examination of staff accountability in such cases with reasonable thresholds and timelines as may be decided by the board. REs may undertake compromise settlements or technical write-offs in respect of accounts categorised as wilful defaulters or fraud without prejudice to the criminal ...

RBI permits banks to undertake compromise settlement of wilful defaults
Updated On : 12 Jun 2023 | 7:56 PM IST

Top 50 wilful defaulters in India owe Rs 92,570 crore to banks: MoS Karad

Karad also said that in the last five years, the banks in India have written off loans worth Rs 10.1 trillion

Top 50 wilful defaulters in India owe Rs 92,570 crore to banks: MoS Karad
Updated On : 20 Dec 2022 | 10:53 AM IST

PSBs want ex-billionaire Mallya to be declared bankrupt over $1.52 bn debt

He was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on more than Rs 91 billion

PSBs want ex-billionaire Mallya to be declared bankrupt over $1.52 bn debt
Updated On : 11 Dec 2019 | 7:45 AM IST

Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third

Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments

Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third
Updated On : 03 Jul 2019 | 2:16 AM IST

India intends to confiscate overseas assets of wilful defaulters

The new framework would help in improving India's position in the World Bank's ease of doing business ranking

India intends to confiscate overseas assets of wilful defaulters
Updated On : 05 May 2016 | 7:22 PM IST

Public sector banks face Rs 66,190 cr in wilful defaults, SBI tops list

FinMin data shows SBI tops list with Rs 11,705 crore in wilful defaults, followed closely by Punjab National Bank, with Rs 10869.72 crore

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Updated On : 03 May 2016 | 5:24 PM IST

SC should ensure speedy trials rather than listing defaulters

Naming defaulters will not serve any purpose, nor will it change anything; it might, however, end up hampering any attempts at reviving a struggling business

SC should ensure speedy trials rather than listing defaulters
Updated On : 13 Apr 2016 | 3:38 PM IST

Govt agency Nafed also wilful defaulter in PNB bad debt list

Nafed, with outstanding amount of Rs 224 cr, named by Punjab National Bank; efforts on for one-time settlement

Govt agency Nafed also wilful defaulter in PNB bad debt list
Updated On : 10 Mar 2016 | 9:34 AM IST

All you need to know about wilful defaulters

A quick tutorial on the scope and meaning of what it means to be identified as a wilful defaulter

All you need to know about wilful defaulters
Updated On : 24 Feb 2016 | 8:28 PM IST